The price of XRP surged the same day after Ripple’s victory over the SEC, but it hasn’t seen much more growth over the past week.
XRP Price Rises After Ripple’s Partial Victory Over the SEC
Last week, XRP experienced an incredible price surge, increasing its value by more than 100% in one day. The rise is a direct result of Ripple’s partial victory in its long-running battle with the U.S. Securities and Exchange Commission (SEC).
The U.S. Securities and Exchange Commission (SEC) first sued Ripple for alleged violations of U.S. securities laws as early as 2020, starting a three-year crusade. Finally, on July 13, 2023, Judge Analisa Torres of the Southern District of New York announced in her ruling that XRP does not qualify as a security, at least in terms of programmatic sales and “other offerings” (it is considered a security in terms of institutional sales).
Ripple’s extraordinary victory makes bullish wave Not only for XRP, but for the entire cryptocurrency market.Additionally, the XRP token is Relisting After the announcement of the court judgment, many large exchanges such as Coinbase and Gemini have listed on the shelves.
XRP Network Usage Data Shows Brief Pullback
Traders have clearly shown a lot of interest in XRP over the past week, with the coin’s spot trading volume even surpassing that of Bitcoin and Ethereum.
However, according to recent data, the network’s activity has not seen much growth. Ripple’s blockchain-based distributed ledger technology, the XRP Ledger, has maintained roughly the same number of transactions for more than a year. This means there is still a lack of new entities entering the network.
XRP’s new bullish trend
Following the court ruling in Ripple’s favor on July 13, the price of XRP continued to rise throughout the week and hit the $0.84 mark on July 19. The rise could mark the end of the coin’s bearish trend since its 2018 peak.
Although XRP has risen sharply in value over the last week, it has yet to reach the $1 price and has retreated slightly over the past few days.while writing the token The value is $0.7831.
Disclaimer: This article is for informational purposes only. It does not provide or be intended to be used as legal, tax, investment, financial or other advice.