In what could be a blessing in disguise for Ripple in the protracted lawsuit with the United States Securities and Exchange Commission (SEC), investors’ sentiments appear to swing in Ripple’s direction, driving a massive $2.6 billion influx into XRP within a week.
The inflow of capital over the week aided the steady rise in the price of the digital asset XRP, with the digital token maintaining its position above the $0.5 level. At the time of filing this report, XRP is trading at $0.53, posting weekly gains of relatively 13%.
A summary judgment by Judge Torres is almost here, and crypto enthusiasts seem confident about the prospect of a possible victory for XRP in the law court. A potential win for Ripple in the lawsuit will be massive for every crypto firm in the U.S.
Read Also: Ripple Returns Whooping 900 Million XRP after Unlocking 1 Billion Tokens from Escrow: Details
Recall that the SEC vs Ripple case has dragged on since Dec 2020. Throughout the legal procedure, the cross-border payment firm and its community members have been resilient in ensuring that the SEC fails to enforce what could spew doom for crypto in the United States.
To What Effects Are Ripple’s Efforts?
Following the recent turnout of events in the court proceedings, there are indications that Ripple will come out victorious. In addition, the firm achieved a significant milestone as its resilience led to Judge Torres’s ruling for the unsealing of Hinman’s docs.
The pronouncement to unseal Hinman’s docs was a welcome development for the XRP community. The pronouncement has significantly and positively impacted XRP’s market trends and activities, endearing the cross-border crypto platform to the heart of crypto enthusiasts.
Should the court procedure finally end in Ripple’s favor, it would open the door for a long, lasting, and massive rally for XRP.
Read Also: Lawyer Pinpoints Why Uphold Keeps Trading XRP in the U.S. Despite Ripple-SEC Lawsuit
Ripple’s Market Trends and Activities: Are More Rallies Expected?
Per CoinGecko, XRP presently sells for $0.522796 with a 24-hour trading volume of $719,735,551 from a market cap of $27,172,024,847 and a market cap dominance of 2.281%.
The lowest price recorded for XRP in the past seven days is $0.472353. In the last 24 hours, XRP recorded an impressive price high and low of $0.530110 and $0.517067, respectively.
In other developments, XRP reportedly attained two spikes that would go down as the 2nd and 3rd highest surge ever recorded, resulting in a series of bullish runs for the digital asset.
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