XRP Price Rises as Ripple Nears Victory in SEC Lawsuit
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XRP, the native cryptocurrency of Ripple, has gained over 21% over the past 24 hours as the company reportedly inches closer to winning its legal battle with the U.S. Securities and Exchange Commission (SEC).
The SEC sued Ripple in December 2020, alleging that XRP is a security and that Ripple sold it without proper registration. Ripple has denied these claims and argued that XRP is both a currency and a utility token.
The lawsuit has been a major drag on XRP’s price and adoption, as many exchanges have delisted or suspended trading of the coin. However, recent developments in the case have boosted the confidence of XRP holders and traders.
Why XRP Bulls Are Optimistic
One of the main reasons why XRP bulls are optimistic is that Ripple has scored several victories in court against the SEC.
For instance, Ripple won access to internal SEC documents that could show how the regulator classified other cryptocurrencies like Bitcoin and Ethereum. The SEC had previously argued that these documents were irrelevant and privileged.
Moreover, Ripple founder Brad Garlinghouse said in an interview that he believes the lawsuit will be resolved soon, possibly in the first half of 2023. He said that Ripple has “the law and facts” on its side and that he expects a “fair outcome.”
How XRP Price Reacted
The positive news surrounding Ripple’s lawsuit has been reflected in XRP’s price and volume. According to data from CoinMarketCap, XRP’s price increased from $0.3730 earlier today to $0.4600, a whopping 21% rise. Its trading volume also jumped 146% over the same period.
XRP is currently ranked as the sixth-largest cryptocurrency by market cap, with a valuation of over $22.9 billion.
What’s Next for Ripple?
XRP’s future largely depends on the outcome of Ripple’s lawsuit with the SEC. If Ripple wins or settles on favorable terms, XRP could see a massive surge in demand and adoption, as more exchanges would likely relist it and more investors would flock to it.
If Ripple loses or settles on unfavorable terms, XRP could face more regulatory scrutiny and uncertainty, which could dampen its growth potential.
In any case, XRP holders and traders should keep an eye on any updates regarding this case, as they could have a significant impact on its price movements.
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