US-SEC regulation scenario, the big funds filling ETFs, the Riiple-SEC lawsuit, and the beginning of the bull run. These are very important topics that are coming to an end or important phases.
Let’s discover how these topics are probably creating the last chance to be part of the crypto rally to buy cryptos at a good price.
July is a Big Month for Crypto
The US House Financial Service Committee (SEC) is expected to provide regulatory clarity and introduce a stablecoin bill. Potentially, this will lead to separate control of the crypto market by the US SEC and CFTC.
8. The ETF application is just a proxy battle for jurisdictional control of crypto between SEC and CFTC, and Congress push for a bill for a 3rd regulator dedicated to overseeing crypto, which is ultimately bullish but delays things into 2024+ 🐻https://t.co/I9lxXeB80c
— Ξ huf (@hufhaus9) June 29, 2023
So, July will witness significant decisions in various crypto-related cases. This will involve major players like Binance, Coinbase, Terraform Labs, and others. Adding to the potential impact on the crypto market.
Potential Factors Indicating Bitcoin Price Pump in July 2023
Closing of a significant portion of Bitcoin and Ethereum options. This account for around 40% of the average daily volume in the options market. So, this could lead to increased volatility and potentially drive up crypto asset prices.
Also, quarterly expiration week options data reveals a substantial share of BTC and ETH quarterly positions. This will contribute to open interest by expiration. The expiration of these positions on June 30, 2023, could have a significant impact on the market.
Then, AmberData reports that approximately 150,633 BTC options contracts are valued at $4.57 billion. And $1.23 million ETH contracts valued at $2.3 billion are set to expire on Deribit Exchange.
🎇 Fireworks incoming? 150,633 BTC options contracts worth $4.57 billion & $1.23 million ETH contracts valued at $2.3 billion will expire on @DeribitExchange. The bitcoin contracts due for settlement account for 43% of the total open interest.
Read more:https://t.co/zrjt2YaMux pic.twitter.com/iplPyeHlUh
— Amberdata (@Amberdataio) June 26, 2023
Despite recent lawsuits against crypto exchanges Coinbase and Binance, the crypto market has remained largely unfazed. This suggests resilience and potential for price growth. The combination of options expiration and the market’s ability to withstand negative news suggests a potential for an upward surge in Bitcoin prices in July 2023.
Ripple
There is a surge in active XRP addresses points to a potential price breakout:
- XRP price has experienced significant rallies this year, with a 35% increase. This demonstrates its resilience and potential for growth.
- Crypto analyst Ali Martinez highlights the relationship between network activity and XRP price. pointing out that previous instances of a spike in daily active addresses resulted in notable price jumps of 25% in January, 50% in March, and 25% in May:
The last three instances $XRP price jumped were preceded by a spike in the number of active #XRP addresses.
On-chain data from @santimentfeed has recorded a spike in network activity over the past few days. Could history repeat itself? pic.twitter.com/XoJAFsDuvo
— Ali (@ali_charts) June 26, 2023
- Recent on-chain data from Santiment shows a surge in XRP daily active addresses, suggesting a high probability of a price jump in July.
- The increased network activity and the potential influx of new capital into the XRP ecosystem suggest a bullish resurgence for the coin.
July’s Significance for Ripple vs. SEC Lawsuit
Ripple’s CEO and chief legal officer remain optimistic about a summary judgment in Ripple’s favor. As the US SEC’s argument weakens, it makes July a crucial month for the ongoing Ripple vs. SEC lawsuit.
Then, Institutional investors are showing renewed interest in XRP, with inflows into XRP-related ETFs after weeks of outflows. The increasing sentiment among traders is contributing to the positive outlook for XRP price in July. This is driven by the entry of traditional finance into crypto and the anticipation of Bitcoin ETFs.
Finally, the combination of network activity makes July a potentially pivotal month for XRP’s price performance. Institutional investor interest and positive market sentiment are the consequences.
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