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XRP has showcased a major promising growth trend in the past 24 hours as industry proponents recant the anniversary of the historic ruling from Judge Analisa Torres. With the show-off, the coin has seen its price skyrocket by 10.99% in the past 24 hours and pegged at $0.5145, per data from CoinMarketCap.
XRP metrics light up
It is not unusual for XRP to print solo rides amid market drawdowns. However, these rallies are often tied to conversations around its status as a security.
Mushumir ButtOn July 13, 2023, Judge Torres ruled that XRP in itself is not an investment contract when traded on secondary trading platforms. This helped clarify the non-security status of XRP, second only to Bitcoin (BTC).
At the time, the price of the coin skyrocketed to its 52-week high of $0.8468, with massive 70% growth. Since then until now, XRP has wavered well below the 52-week high, and the CEO Brad Garlinghouse and CLO Stuart Alderoty’s recall of the victory has rebooted the sentiment for the coin.
At the moment, XRP is up by more than 20% in the trailing seven-day period, riding on the actions of its whales. This growth has boosted sentiment in the XRP ecosystem, with the volume jumping by a massive 46.28% to $1,986,482,258.
XRP to $1?
Many are expecting the price of XRP to print a more ambitious run in a bid to beat the $0.8 high. The expectation is that the coin's price will soon surpass the $1 price surge, buoyed in part by the potential end of the lawsuit that has entered the late remedies phase.
Yuri MolchanThis remedy verdict is currently hanging as both the United States Securities and Exchange Commission (SEC) and Ripple Labs Inc. cannot reach a settlement agreement. The commission wants a $2 billion fine, with Ripple only willing to part away with just $10 million.
The judgment on this settlement might be the ultimate breakthrough that XRP needs to retest the $1 mark.
Tomiwabold Olajide
Dan Burgin
Alex Dovbnya
Vladislav Sopov