As a seasoned researcher with extensive experience in the cryptocurrency market, I’ve witnessed numerous price fluctuations and trends over the years. The recent surge in XRP‘s value, resulting in almost 40% growth on a weekly basis, has piqued my interest.
TL;DR
- XRP’s value surged nearly 40% in a week, possibly driven by increased network transaction activity.
Anticipation of a resolution in Ripple’s legal battle with the SEC may have also contributed to the recent price ascent.
XRP on Fire
In recent days, the cryptocurrency market has experienced a robust recovery. Notable digital currencies have reached multi-month peaks. For instance, Bitcoin (BTC) hit a milestone of around $66,000 just a short while ago, and Ethereum (ETH) momentarily exceeded $3,500.
In the past week, Ripple’s XRP has shown remarkable growth with its price soaring by nearly 40%. A daily increase of 9% has brought it back to the $0.60 mark, a level not reached since April.
The resurrection of its significance aligns with the revival of key metrics within its environment. For instance, the total number of completed transactions surpassed 4 million on July 16, marking a six-month peak.
I’ve analyzed the data and found that the average number of transactions per ledger has increased by a substantial 250% compared to the beginning of the month.
An uptick in transactions on the XRP Ledger indicates greater network activity and potential value, possibly driving up demand for the asset and attracting more financial investment.
The Impact of the Ripple v SEC Case
As a crypto investor, I believe the heightened anticipation that the ongoing legal dispute between Ripple and the SEC may soon reach a resolution could potentially boost XRP‘s price.
Fred Rispoli and Jeremy Hogan, two American attorneys, are among those who believe we might see a resolution to this issue as soon as this summer.
The legal battle between the parties has lasted for more than three and a half years. During this time, some observers have considered the SEC as facing an uphill battle due to Ripple’s achievement of three partial court victories in 2023. Approximately one year ago, Judge Torres made a decision that Ripple’s automated sales to secondary trading platforms were not equivalent to offers for investment contracts.
XRP’s price experienced a remarkable surge of over 70% within hours following the announcement. The asset demonstrated a favorable response after two successful outcomes: when the magistrates decided not to uphold the regulator’s intent to appeal the ruling, and when CEO Brad Garlinghouse and Executive Chairman Chris Larsen were exonerated of the charges brought against them by the Commission.
For those with an insatiable curiosity about the intricacies of the case that could influence XRP‘s worth, please check out the detailed video we’ve prepared for you below.
Read More
- W PREDICTION. W cryptocurrency
- PENDLE PREDICTION. PENDLE cryptocurrency
- AEVO PREDICTION. AEVO cryptocurrency
- AAVE PREDICTION. AAVE cryptocurrency
- REF PREDICTION. REF cryptocurrency
- CCT PREDICTION. CCT cryptocurrency
- ALCX PREDICTION. ALCX cryptocurrency
- BCH PREDICTION. BCH cryptocurrency
- KAS PREDICTION. KAS cryptocurrency
- SDEX PREDICTION. SDEX cryptocurrency
2024-07-17 10:02