XRP Surges By 2%, As Ripple Legal Council Experience Setback
In the ‘uncertain’ world of cryptocurrency, the price of XRP has experienced a hugely unstable ride in the past few days. After hovering below the elusive $0.50 level since April 19th, the XRP price has seen a 2% increase in value. Despite this positive development, the report says that the legal team at Ripple has suffered a setback.
According to data from CoinMarketCap, the trading volume for XRP has been the highest in about five days, with over $1 billion worth of XRP changing hands. It was also revealed that the bulls have returned, raising the XRP price by 2% and sending it back above the $0.45 level. This news has relieved XRP investors who had been eagerly waiting for a positive trend in the market.
However, this appreciation occurred after the price of XRP dropped by 3% over the previous 24 hours, falling below the $0.45 mark. Since the XRP price has been unable to surpass $0.50 for some weeks, this most recent decline served as a reminder of the market’s turbulence.
It was also said that the price of XRP has persevered and recovered despite this setback. The recent report that the US Securities and Exchange Commission (SEC) has asked for more time to look into Ripple’s suspected sale of unregistered securities may be to blame. Investors in Ripple and XRP now have reason to believe that the lawsuits against the business may soon be over.
The Past, Present, And The Future Of SEC/Ripple Legal Battle
Since the SEC sued Ripple in December 2020 for allegedly raising $1.3 billion through an unregistered securities offering, the company’s legal team has been engaged in court battles with the SEC. In it’s defense, Ripple asserts that XRP is money similar to Bitcoin and Ethereum, not security.
The legal proceedings have raised doubts about the future of XRP, and the suspense surrounding the verdict has made investors uneasy. However, the SEC’s latest request for more investigation time may be encouraging for Ripple and its legal counsel. If the SEC determines that XRP is not a security, it may open the door for listing on significant United States exchanges, which would likely raise demand and drive up the cryptocurrency’s price.
Ripple has been advancing the use cases for XRP despite the continuing legal dispute. To include XRP in its payment systems, the business has been collaborating with financial institutions and payment service providers. This action might increase interest in XRP and raise the cost of the cryptocurrency.
How The Market Is Reacting To The Development
Investigation into this development has revealed that the army of XRP enthusiasts is anxious to know the short-term price movement of the XRP. A statement from Mathew Dixon, the CEO of Evai through his Twitter handle, predicted that the coin would likely rise in price, considering the current circumstances surrounding it. Also, in his tweet, he affirmed that his company is sticking to the prediction in the letter.
Dixon said that at the end of (what he described as the) X to Y downside, there will be a significant reward waiting for traders who made it up to that point. He went further to say that it will be an interesting time for the cryptocurrency industry.
Meanwhile, investors who had been waiting for a favorable trend in the market are relieved by the 2% increase in the value of the XRP price. However, the legal actions against Ripple have created ambiguity and made the XRP price unstable.
The SEC’s recent request for more time to investigate could be seen favorably by Ripple and its legal counsel. If the SEC determines that XRP is not a security, it could increase the value of the cryptocurrency. Despite the legal conflict, Ripple has been working to extend the use cases for XRP, which may eventually lead to greater demand and a price increase.
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