Ripple (XRP) is back in the spotlight as its price increased by more than 31% in the last 24 hours to reach $0.55.
The price movement, which pushed XRP’s market cap up to nearly $25 billion and into 6th among cryptos by market capitalization, was triggered by comments made by Ripple Labs CEO Brad Garlinghouse about the United States Securities and Exchange Commission (SEC).
Brad Garlinghouse Scoffs at the SEC
The Ripple CEO went live on Fox Business TV on Thursday evening to discuss updates on the drawn out legal battle with the regulatory authority.
The SEC vs Ripple lawsuit could soon be concluded if a federal judge decides that Ripple Labs did not violated the federal securities laws. Both parties filed motions for summary judgment earlier this week, seeking to end the lawsuit without a jury trial.
“We think that [the judge] has the information to make a ruling. We think it’s very clear that the SEC is overreaching their authority”, Garlinghouse stated, before going on to say that “the SEC has lost its way”.
The Ripple Labs CEO continued on air, labeling the SEC a “cuckoo of cocoa puffs”, a catchy phrase stemming from the cartoon personage that typically alludes to someone as being irrational.
“I said yesterday on stage, I think the SEC is “cuckoo of cocoa puffs”, Garlinghouse told the 80 million Fox Business audience.
The price of XRP immediately reacted to Garlinghouse’s comments, jumping by nearly 12% to hit $0.5411 within an hour of the interview going live. the crypto later peaked at $0.5523, a level not reached since early May 2022.
What Else Is Driving Ripple’s (XRP) Price?
The XRP rally also coincided with upward Bitcoin (BTC) movements, as the leading cryptocurrency notched gains of around 6% over the same time period. Since BTC is the dominant asset in the crypto space, its price direction holds significant weight in the industry, and maintains influence over the Bitcoin-mimicking Altcoin market.
Finally, on Monday, September 19th, Ripple (XRP) managed to break the critical $0.38 resistance level on a weekly timeframe. The momentum, strengthened by intensifying optimism around the ongoing lawsuit, pushed XRP up to the $0.50 resistance level.
The value of XRP has been consistently rising since September 16th, having surged by more than 66% over the past 7 days in response to strengthened belief in the potential settlement of the SEC vs Ripple lawsuit.
On the Flipside
- Altcoin prices are typically measured in Bitcoin, which explains, to a certain extent, why many of them remain highly dependent on BTC’s price movement. If Bitcoin were to decline, Ripple’s (XRP) fall may also be inevitable.
Why You Should Care
XRP is still 85% below all-time high price of $3.40 set in early 2018. If the company wins its legal battle with the SEC, XRP’s price is expected to rally, with Ripple’s ongoing lawsuit with regulatory authority representing one of the biggest factors weighing its price down.
Read more about recent developments in Ripple’s lawsuit:
Ripple (XRP) Jumps to Highest Level in 16 Weeks: Here’s Why
Check out on the latest with Bitcoin (BTC):
Bitcoin (BTC) Hits Two-Year Low: Should You Be Scared?