Ripple’s native token XRPhas been one of crypto’s stars since scoring its first landmark win against the SEC. At the time, a Federal Judge ruled that the company’s scheduled sales of XRP did not constitute an investment contract offering.
Koinfinans.com As we reported, this decision cryptocurrency created enthusiasm in the field. This triggered a price rally for the asset. At one point, it rose to around $0.85. However, it lost its gains in the following weeks.
XRP rose again when American magistrates rejected the SEC’s request to appeal the initial court decision in early October and Ripple’s CEO Brad Garlinghouse and Chief Executive Chris Larsen were cleared of all charges brought by the regulator.
Currently, the price of the token is hovering around $0.54 (an increase of 3% in the last 24 hours). Because some factors may indicate that there may be a further increase soon.
XRP Looks Ready for a Real Bounce
First, the United States District Court for the District of New York officially signed a ruling dismissing charges brought by America’s securities regulator against Ripple’s executives. In addition, Ripple appears to have a huge upper hand in the legal battle against the US SEC.
A potential outright victory could lead to an additional price increase for XRP and inject optimism into the entire digital asset sector. It should be reminded that the major hearing between the two organizations will be held in April next year.
Finally, Ripple’s token may follow the green wave currently prevailing in the cryptocurrency market. Bitcoin (BTC) has surged nearly 20% in the past week on new hopes that BlackRock’s spot BTC ETF could soon see the light of day in America.