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XRP (<a href="https://cointelegraph.com/xrp-price-index">XRP</a>) is among the few gainers among the top-ranking cryptocurrencies today. Its price rose by over 7.80% in the last 24 hours, compared to the crypto market’s 1.10% decline in the same period.
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/7970772e-5ec4-4c19-b0b1-a3e098e21f56.png" alt="Why is XRP price up today?">
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 XRP/USD daily price chart. Source: TradingView
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The top catalyst driving the XRP price higher today is Ripple's upcoming closed meeting with the US Securities and Exchange Commission (SEC), which many believe would pave the way for a settlement in their ongoing legal battle. 
<h2 id="sec-and-ripple-representatives-private-meeting">SEC and Ripple representatives' private meeting</h2>
Legal representatives from Ripple and the US Securities and Exchange Commission (SEC) will <a href="https://www.sec.gov/newsroom/meetings-events/closed-meeting-072524" target="_blank" rel="noopener nofollow">meet privately</a> on July 25 to discuss matters related to the settlement of administrative proceedings and litigation claims.
The upcoming closed-door meeting has ignited a wave of speculation among XRP traders about a potential settlement between the SEC and Ripple. This sentiment was further fueled by Ripple CEO Brad Garlinghouse’s recent comments in a July 17 Bloomberg interview, where he hinted that a resolution with the SEC could be reached "very soon.”
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/e59d52a3-ca1b-47bb-98fd-8eb9e8f5f984.png" alt="Why is XRP price up today?" title="">
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 Source: <a href="https://x.com/DROPZXRP/status/1813662808942473642" target="_blank" rel="noopener nofollow">X</a>
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XRP's price has climbed by approximately 9.5% since Garlinghouse's comments, including today's gains.
Former SEC lawyer Marc Fagel <a href="https://x.com/Marc_Fagel/status/1814539602553942456" target="_blank" rel="noopener nofollow">voiced his skepticism</a> about the likelihood of a settlement, suggesting that the case might drag on.
<h2 id="xrp-whales-grow">XRP whales grow</h2>
Today’s XRP gains follow a period of accumulation by its richest investors, also known as whales.
Messari data reveals a consistent buying sentiment among XRP addresses holding more than 1 million native tokens. A similar accumulation spree is visible among entities holding at least 100,000, 10,000 and 1,000 XRP tokens.
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/091fb796-0629-4020-b846-69455ce11b56.png" alt="Why is XRP price up today?">
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 XRP holdings among whale addresses. Source: Messari&nbsp;
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The duration of the accumulation coincides with decreasing XRP prices, indicating that most whales are buying the cryptocurrency at local lows. In other words, these investors anticipate the XRP price to rise in the near future.
<h2 id="elevated-oi-funding-rates-boost-xrp-price-rally-chances">Elevated OI, funding rates boost XRP price rally chances</h2>
As of July 24, XRP’s open interest <a href="https://www.coinglass.com/currencies/XRP" target="_blank" rel="noopener nofollow">stabilized</a> at around $760 million, compared to approximately $448.50 million two weeks ago. Likewise, its weekly funding rates have climbed to 0.21% from -0.13% in the same period.
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/cb333d93-286a-4ad2-9df9-f17a009bbbc3.png" alt="Why is XRP price up today?">
 <figcaption style="text-align: center;">
 XRP OI and funding rates chart. Source: Coinglass
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The increase in open interest suggests that more investors are entering the market, opening new positions, and potentially expecting further price movements. 
Related:&nbsp;‘<a href="https://cointelegraph.com/news/xrp-price-bullish-narratives-crypto-analysis-santiment">Bullish narratives’ erupt as XRP surges 35% this week</a>
The positive shift in funding rates reflects a growing bullish sentiment, indicating that long positions are willing to pay a premium to short positions, signaling confidence in XRP’s future performance. From a technical perspective, XRP is <a href="https://cointelegraph.com/news/xrp-price-one-dollar-2021-q4">eyeing a rally</a> toward the $0.86-1 area by October.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Why is XRP price up today?

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