Why Is the Ripple (XRP) Price Up Today?
TL;DR
- XRP’s price exceeds $0.56, benefiting from an overall bullish crypto market; its market capitalization stands near $30 billion.
- Ongoing lawsuit against the US SEC has caused notable XRP price fluctuations; Ripple recently achieved three significant partial victories in the case, boosting its token’s value.
- A mid-July ruling favored Ripple, resulting in a 70% XRP price surge; recent developments include the dismissal of the SEC’s appeal and Ripple’s CEO and Executive Chairman being cleared of all charges.
XRP Rising Amid a Green Crypto Background
Ripple’s native token – XRP – is once again among the top-performing cryptocurrencies, with its price surpassing the $0.56 mark (per CoinGecko’s data). One major factor prompting that surge could be the bullish outlook of the entire market, where most digital assets are well-positioned in the green zone.
XRP is currently the fifth largest in terms of market capitalization (almost $30 billion), and its valuation has spiked by approximately 14% in the past two weeks.
The Ripple vs. SEC Lawsuit
The developments surrounding the legal battle between the blockchain enterprise and America’s securities regulator (which started in December 2020) have caused significant price swings for XRP over the years. Ripple has recently won three landmark partial victories, which triggered a rally for its native token.
The most spectacular price increase occurred in mid-July when a US Federal Judge determined that the company’s programmatic sales from years ago did not constitute an offer of investment contracts. Shortly after the ruling, XRP exploded by over 70%, surpassing $0.85.
The second win happened at the beginning of the month when the magistrates dismissed the SEC’s intention to appeal the initial court decision. Most recently, Ripple’s CEO – Brad Garlinghouse – and Executive Chairman – Chris Larsen – were cleared of all charges brought by the watchdog.
Such events have also supposedly affected XRP’s positive price performance lately. Those willing to observe the asset’s possible trajectory in Q4, 2023 could take a look at the video below:
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