With his recent rise in popularity, XRP it has now claimed a position among the top 4 cryptocurrencies worldwide, raising intriguing questions about its future potential.
As of the last market update, XRP is currently trading at 0.76833, having experienced a significant bounce from the 50% Fibonacci retracement level, positioned around 0.70642.
This remarkable price performance has sparked a wave of speculation, leading investors and enthusiasts to wonder if XRP can outshine even the mighty Bitcoin.
In this analysis, we will delve into the factors influencing XRP’s rise and explore the chances of it outperforming the leading cryptocurrency.
Ripple Rising Surge: Result of Game-Changing US Court Ruling
Ripple (XRP) has witnessed remarkable growth, emerging as the top gainer among major cryptocurrencies.
This increase in value was triggered by a pivotal US court ruling, which clarified that the sale of XRP tokens on exchanges should not be treated as investment contracts.
Consequently, the ruling had a positive impact on XRP’s reputation and market position, propelling its value to impressive heights, reaching 93.8 cents, its highest point since March 2022.
This development has generated significant excitement among investors and enthusiasts who closely follow the performance of XRP.
The price increase further emphasizes how legal decisions can significantly influence the cryptocurrency market.
As the community eagerly awaits XRP’s trajectory, anticipation for the future remains high, with promising developments on the horizon.
Potential SEC Appeal Raises Questions About XRP’s Regulatory Status
The US Securities and Exchange Commission (SEC) could appeal the recent Ripple Labs lawsuit ruling that XRP is not a security when sold to regular investors.
The SEC believes this ruling goes against important principles of securities law, such as the Howey Test, which decides whether something is an investment contract.
They made these comments while dealing with another lawsuit involving Terraform Labs and its founder, Do Kwon, accusing them of massive crypto asset securities fraud.
He The SEC disagrees with some parts of Ripple and thinks it introduces unnecessary requirements for certain sales, in conflict with the Howey test. They are looking at different options for further review and may recommend that the SEC pursue it.
SEC Chairman Disappointed by Court’s XRP Classification Decision
SEC Chairman Gary Gensler expressed his disappointment with the court’s decision not to classify XRP as a security for retail investors.
While he was happy that they recognized institutional investor tokens as securities, he felt the retail aspect was lacking.
The SEC is still evaluating the situation and considering the need for clearer industry regulations.
As a result, the news that the SEC may appeal the Ripple Labs lawsuit ruling may create uncertainty and lead to fluctuations in the price of XRP.
Investors may take a cautious approach, causing the price to drop temporarily.
However, if the situation clears up and regulatory uncertainty subsides, it could have a positive impact on the XRP price.
XRP price
As of today, the live price of XRP is $0.747855 with a 24-hour trading volume of $1,484,889,288, reflecting a decline of almost 5% in the last 24 hours.
However, there is no reason to lose hope as the future of the coin looks promising, with several positive developments going its way.
Notably, XRP is currently ranked #4 on CoinMarketCap, with a live market cap of $39,295,371,278.
Despite facing recent setbacks, general sentiment for XRP remains bullish, largely due to continued advances in its ecosystem.
Investors are advised to closely monitor new developments before making any decisions.
The question of whether XRP can potentially outperform Bitcoin continues to intrigue the crypto community, making it a point of observation for many in the market.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.
