Due to regulatory uncertainty, the price of XRP, Ripple’s native cryptocurrency, has been static in recent years. However, a favorable resolution in the current legal struggle between Ripple and the Securities and Exchange Commission (SEC) of the United States appears to be on the horizon, and XRP is already showing increases.
XRP has increased by more than 7% in the last 24 hours, accompanied by a 93% increase in trading volume, hitting $1.45 billion. XRP is currently trading at an average price of $0.447 at the time of writing. Notably, this price surge corresponds with the denial of one of the SEC’s motions in the XRP action by the court.
(The price graph of XRP in the last 5 days.)
A federal judge recently dismissed the Securities and Exchange Commission’s petition to seal certain papers relating to the infamous Hinman speech. These records, which were previously alleged to include non-public SEC deliberations, will now be made public. This favorable court judgment gives the defendants, Ripple, an edge in their legal struggle.
The good news surrounding Ripple’s recent court appearance contributed the most to XRP’s upward momentum in the face of regulatory uncertainty.
According to WhaleAlert data, cryptocurrency whales have been active in the previous 24 hours, transferring around 55 XRP million tokens. During the price spike, several of them opted to sell their stakes. The largest of these major transactions included around 28 million XRP tokens.
🚨 28,000,000 #XRP (12,156,511 USD) transferred from unknown wallet to #Bitstamphttps://t.co/ip8Qvz19fr
— Whale Alert (@whale_alert) May 16, 2023
As the legal dispute between Ripple and the SEC nears completion. These recent innovations and good market moves are adding to the coin’s rising popularity.
Conclusion
Finally, Ripple’s XRP cryptocurrency has seen a large increase in price and trading volume as a result of a recent court victory over the US Securities and Exchange Commission. Notably, during the price spike, several whales have opted to liquidate their XRP holdings.
As the legal struggle between Ripple and the SEC nears its conclusion, these recent events have fueled hope for XRP’s future. While regulatory uncertainty has previously hampered XRP’s growth, the present pace implies a possible reversal for Ripple and its native cryptocurrency.
