Ripple’s coin, XRP, continues its upward trend and has reached a high of $0.56 at the time of writing. A combination of factors have contributed to this impressive growth, including positive rulings in a long-running legal battle and an overall positive trend in the crypto market. Here we delve into the background.
XRP Uptrend
Despite the unrest in the crypto world, XRP has managed to acquire a strong position. With the price recently crossing the $0.56 mark, the overall positive sentiment in the crypto market is a clear driver for this increase. With a market capitalization of almost $30 billion, XRP currently ranks fifth among cryptocurrencies.
Waves in righteousness: victories in sight
The long legal battle between Ripple and the US Securities and Exchange Commission has always cast a shadow over the value of XRP. However, recent court victories have increased confidence in the currency. The most significant of these occurred in July, when a judge ruled that Ripple’s previous sales activities could not be considered investment contracts. This news caused a price increase of no less than 70%. Two more victories were recently achieved: the SEC’s attempted appeal was dismissed and Ripple executives were acquitted of all charges.
Source: BTCDirect
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Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
