- XRP has recently achieved a significant milestone, surpassing its highest level since April.
- Bitcoin and Ethereum have also exhibited slight price movements.
- Ripple’s court battle with the SEC has reached a crucial stage.
The highly-anticipated courtroom clash between Ripple and the Securities and Exchange Commission (SEC) appears to be nearing its resolution, and the ardent supporters of the associated cryptocurrency are fervently influencing its price in anticipation of the outcome.
XRP Experiences Surge Finally Breaks Through Barrier
On Tuesday morning, XRP broke through the $0.50 threshold, reaching its highest level since April, only to retreat shortly afterward. Prior to midday, the coin exhibited a modest 3.5% increase, hovering around the 49-cent mark.
Over the past week, XRP has experienced an impressive surge of nearly 8%, finally breaking through the elusive $0.50 barrier after several weeks of failed attempts. Meanwhile, Bitcoin, as of Tuesday’s midday point, witnessed a minor decrease of less than 1%, settling at $27,332, while Ethereum saw a modest uptick of 0.35%, reaching $1,903.
Ripple CEO Predicts Conclusion of Case in Weeks
There has been a notable upsurge in enthusiasm surrounding this cryptocurrency as Ripple’s legal battle with the SEC intensifies. In 2020, the SEC, spearheaded by Chairman Gary Gensler, filed a lawsuit against Ripple, as well as two executives, including CEO Brad Garlinghouse.
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The suit alleged that they had sold $1.3 billion worth of unregistered securities in the form of XRP. Ripple, however, contests the characterization of XRP as a security.
Unlike other players in the crypto realm, such as Kraken and BlockFi, Ripple opted to take the matter to court instead of settling with the SEC. This decision has garnered support from various quarters within the industry, with some accusing Gensler and the SEC of adopting a “regulation by enforcement” approach.
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The legal confrontation between the two parties has been ongoing since last year, but in a recent interview, Garlinghouse expressed his belief that the case will reach its conclusion within “weeks, not months.“
On the Flipside
- If the court ruling does not favor Ripple in its dispute with the SEC, it could significantly negatively impact XRP’s price, potentially erasing the recent gains and pushing it below the $0.50 mark once again.
- XRP’s price has experienced failed attempts to surpass the $0.50 milestone in recent weeks, suggesting that this level may present a persistent resistance point for the cryptocurrency.
- The ongoing legal battle between Ripple and the SEC remains a significant source of uncertainty for XRP’s prospects.
Why This Matters
Breaking through the $0.50 mark is a significant milestone for XRP, reflecting renewed investor confidence and positive sentiment toward the cryptocurrency. This achievement comes at a crucial juncture as Ripple’s ongoing legal battle with the SEC approaches its anticipated resolution.
To learn more about the recent surge in XRP address activity, read here:
XRP Records Two Highest Address Activity Spikes in History
To delve into the legal experts’ debate on the potential consequences of Judge Torres’ ruling in the Ripple case, read here:
XRP Legal Experts Debate Consequences of Judge Torres’ Ruling
