Here is Why Ripple (XRP) Might Skyrocket Further Amid Ongoing Bitcoin Bull Rally
TL;DR
- Ripple scored partial wins against the US SEC in July, and in October, both an SEC appeal and charges against Ripple’s top executives were dismissed.
- XRP is priced at $0.54, showing signs of a possible uptrend.
- Ripple’s progress in the lawsuit and a broader bullish crypto trend, highlighted by Bitcoin’s surge, may drive XRP’s price up.
XRP’s Current Condition
Ripple’s native token has been one of crypto’s rock stars since the blockchain enterprise secured its first landmark win against the US Securities and Exchange Commission (SEC) in mid-July. Back then, a Federal Judge determined that the company’s programmatic XRP sales did not constitute an offer of investment contracts.
The ruling infused enthusiasm in the entire cryptocurrency space and triggered a price rally for the asset. At one point, it spiked to approximately $0.85 (per CoinGecko) but lost the gains in the following weeks.
XRP was boosted again when the American magistrates dismissed the SEC’s wish to appeal the initial court decision at the beginning of October and when Ripple’s CEO – Brad Garlinghouse – and Executive Chairman – Chris Larsen – were cleared of all charges brought by the regulator.
Currently, the token’s price hovers around $0.54 (a 3% increase for the past 24 hours) as certain factors could indicate that a further surge might occur soon.
XRP Seems Ready for a Real Jump
For one, the United States District Court of New York officially signed an order dismissing the accusations brought by America’s securities regulator against Ripple’s executives. In addition, Ripple appears to have a massive upper hand in the legal battle against the US SEC.
A potential decisive victory could prompt an additional price increase for XRP and inject optimism into the entire digital asset sector. Recall that the grand trial between the two organizations was set for April next year.
Last but not least, Ripple’s token could follow the green wave that currently reigns in the cryptocurrency market. Bitcoin (BTC) has spiked by around 20% in the past week on fresh hopes that BlackRock’s spot BTC ETF might soon see the light of day in America.
Those willing to see how high XRP could go in the short term and observe the ongoing condition of the industry could take a look at our recent video:
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