The price of popular cryptocurrency XRP is on the rise today, a surprising development given that much of the rest of the market has plunged into the red. Since the start of the new trading session, XRP has added more than 1.3% to its price, bringing its rate to $0.46.
This advanced price performance has sparked speculation about potential factors driving upward movement. One possible reason could be expectations or insider knowledge about the imminent outcome of the SEC case against Ripple.
Alex DovbnyaNotably, the parties involved are currently deciding the final issue of the amount of remedies. Supporting this theory is the fact that the previous decision in this case was made about a year ago, on July 13. At that time, XRP was officially recognized as a nonsecurity, and the value of the cryptocurrency doubled in price in just one day.
Is it really near?
In addition to this, there are significant inflows into XRP-focused investment funds. Since the beginning of the year, these funds have absorbed more than $18 million in capital, with money continuing to flow in despite outflows in the rest of the sector.
This trend mirrors last year's performance, where inflows into XRP ETPs remained steady from around March through July 2023.
Tomiwabold OlajideAs the market watches closely, anticipation surrounding the Ripple v. SEC verdict grows. While the broader market faces challenges, investors are aware of the potential impact this decision could have on XRP's future price movements.
Godfrey Benjamin
Yuri Molchan