It’s hard to predict what will happen in the world of cryptocurrencies. For altcoin XRP, the level of difficulty is even higher. Because there is a legal battle between Ripple and the US Securities and Exchange Commission (SEC). Although difficult, recent developments point to a different point. Let’s look at the details.
Giant introduction to altcoin XRP
Over the past seven days, $2.6 billion has flowed into the altcoin XRP market. Yes, you heard right. Moreover, there is such a development despite the lawsuit. Accordingly, the investment community gave a strong vote of confidence. The market cap of XRP has reached $27.19 billion. On May 27, its market cap was $24.56 billion. Accordingly, it means a 10% increase in one week. This capital flow has also translated into a steady rise in the price of XRP. The token is currently holding its position above $0.50. At the time of writing, XRP is trading at $0.52. Weekly earnings are around 11%.
Looking at the reasons for the recent rise in the price of altcoin XRP. It is attributed to several factors, with ongoing litigation remaining the dominant factor. Indeed, the entity continues to build on the excitement that followed the court’s decision by Annalisa Torres to send documents related to a 2018 speech by the SEC’s former Director of Corporate Finance, William Hinman, to the SEC. In his speech, Hinman expressed the view that Ethereum (ETH), the second largest cryptocurrency by market capitalization, should not be considered a security under US law.
Expectations for the court outcome
This ruling by Judge Torres allows the SEC to redact personal information. But it denies the editor’s claim of privilege over the documents. Ripple’s requests to redact certain information such as contracts and financial data have been partially granted. However, there is a refusal for details on XRP. Disclosure of these documents could potentially affect XRP’s legal status as a security or non-security. Also, the crypto community is eagerly awaiting the summary judgment date for the case. Accordingly, pro-altcoin XRP attorney John Deaton predicts that the issue could be resolved by September, given that the Hinman speech documents will be made public by June 13, 2023. Deaton stresses that Judge Torres will likely give it up by the end of September 2023. In this case, the decision is in line with Himman’s thoughts.
The altcoin XRP capital inflow, on the other hand, coincided with increased on-chain activity. For example, XRP experienced the second and third largest address activity spikes in history in two days. This increase in activity indicates that there may be significant changes in the network’s position in the market. cryptocoin.com As I mentioned, according to the on-chain analytics firm Santiment, the number of addresses interacting with the XRP Ledger has reached an unprecedented level of 490,000. This figure is not far behind the largest increase recorded on March 18, which led to a notable 45% increase in the price of XRP in the following ten days. Ripple’s recent lockdown of 900 million XRP tokens also partially contributed to the coin’s bullish trend. This locked tokenlear helps investors predict market conditions by providing a controlled release of supply to the market. On the other hand, investors respond positively to such developments. This also raises the possibility of a rally for XRP.
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