XRP Price Jumps 5% as SEC Backtracks in Ripple Lawsuit

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XRP Price Jumps 5% as SEC Backtracks in Ripple Lawsuit – Crypto News

Published

2 years ago

October 20, 2023

Dripp

XRP price is building up momentum for a parabolic run following the historic backtrack of the United States Securities and Exchange Commission (SEC) in its close to 3-year lawsuit against Brad Garlinghouse and Chris Larsen, the top executives of its associated blockchain payments firm Ripple Labs Inc.

XRP Bulls Building Up

At the time of writing, XRP is changing hands at a price of $0.5081, up by 4.07% in the past 24 hours. While this price action appears mild compared to that printed following the July 13 ruling from Judge Analisa Torres, XRP bulls are notably building momentum as showcased in its trading volume.

Per on-chain data, XRP’s trading volume has spiked 60% in the past 24 hours with the biggest of the traction sustained over the past few hours since the news of the dismissed charge rented the air. Overall, about $1.78 billion has been traded on spot exchanges overall.

XRP Price Chart. Source: Coingape

XRP currently has no legal limitations in the United States and as such, there is nothing hampering its growth at the moment. The digital currency is notably the only altcoin in the US with the regulatory clarity of being a non-security asset. Secured through extensive litigation, XRP has regained its slot on spot exchanges including Coinbase and Kraken, and most liquidity hubs and indexes are beginning to integrate it back into their folds.

XRP serves a role in payments and with the legal tussle pinning down the firm and its executives now clearing, more mainstream payment firms may begin to embrace the digital currency to power their operations.

These impressive fundamentals have been projected as a basis for XRP to retest the $1 price target in the mid to long-term.

No More Legal Baggage

As it stands, XRP currently has no legal baggage to deal with, especially in the US where regulators prevent it from joining the rally of the last bull cycle.

With growing utilities as marked by the XRP Ledger (XRPL), XRP is set for more impressive jumps in no distant time.