XRP Climbs after SBI Holdings Valued Stake in Ripple at $41.2bn
Ripple (XRP) price movement is green, suggesting the next bullish run is about to begin after the token’s movement was restricted due to negative sentiment in the broader crypto market.
Data from Sosovalue exchange indicated XRP is up by 36 basis points in the last 1 hour to $1.0651 amidst a sharp reduction in trading volume.
Institutional interest in XRP surges with about $8 million exchange-traded fund (ETF) inflows on July 31 and the highest average transaction value among major cryptocurrencies.
The total net inflow of XRP spot ETFs was $7.6949 million. Among them, the Bitwise XRP ETF had a net inflow of $7.1184 million, and the Franklin XRP ETF had a net inflow of $576,500.
With XRP’s market capitalisation standing at about $67 billion, trading volume has plunged by 38% to $689 million over the last 24 hours. Top digital assets dragged down the global market capitalisation of all cryptocurrencies.
The total cryptocurrency market capitalisation fell 1.6% to $2.25 trillion. Bitcoin (BTC) dropped 2.1% to trade at $63,000, while Ethereum (ETH) also declined 2.1% to $1,870.
Sector performance was mixed: the NFT and GameFi sectors recorded gains of 7% and 6% respectively, whereas the Real World Assets (RWA) and Decentralised Finance (DeFi) sectors each suffered a 3% loss.
XRP is trading around $1.06, failing to break above key resistance at $1.10 where its 50-day and 100-day moving averages converge. Based on historical trading data, August has been a weak month for XRP for four consecutive years, adding to trader caution.
While Ripple’s EU regulatory approval and Evernorth’s proposed $1 billion accumulation plan are long-term positives, the market has not yet reacted, with macro uncertainty and Federal Reserve policy cited as larger dampeners.
This is neutral to slightly bearish for XRP in the short term because price action is dominated by technical resistance and seasonal trends rather than project-specific catalysts. A decisive break above $1.10 is needed to shift momentum.
SBI Holdings said its Ripple shareholding is worth “¥6.6 trillion”, equivalent to about $41.2 billion, despite weaker $XRP prices and a sluggish crypto market.
“Discussing first-quarter results, SBI described its cryptocurrency business as sluggish and said, “The cryptocurrency business remains sluggish, as if waiting to determine whether the CLARITY Act will be enacted.”
Weakness in the crypto division did not stop the broader group delivering its strongest Q1: revenue ¥571 billion, profit before tax ¥225.8 billion and net profit attributable to shareholders ¥148.1 billion, up 149.9% year-on-year.
The crypto asset segment posted a ¥1.4 billion pretax loss, while institutional market maker B2C2 remained profitable. #XRP Climbs after SBI Holdings Valued Stake in Ripple at $41.2bn
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