XRP has been defying the market-wide dip as it continued its impressive rally over the month.
The asset, which is at the center of the Ripple lawsuit filed by the US Securities and Exchange Commission (SEC), has risen nearly 13% in the past day alone.
XRP surges to 10-month high
According data On CoinMarketCap, XRP was currently trading at $0.58, a level not seen since May 2022. Decoupling from the broader market has generated gains of nearly 60% for the crypto asset over the past ten days, which result at a “very high level of profit taking from traders”.
XRP social domain too it shot itself, which represents higher volume and higher interest at the same time. Meanwhile, price analysis further suggested that the crypto asset could be poised for further gains with a target beyond the $0.60 level.
The initial push can be attributed to bullish sentiment among investors about blockchain firm Ripple winning its case against the SEC. An additional impetus was provided by Cathie Wood, CEO of Ark Invests, who weighed in along similar lines in a recent interview,
“It looks like they (the SEC) might be on their way to losing that (the Ripple case) as well.”
Yet another factor that seems to have contributed to the rise could be the fundamental updates regarding the XRP Ledger (XRPL) in recent months. XRPL accounts were also seen consistently growing.
In addition, the US Commodity Futures and Trading Commission (CFTC), in its lawsuit against Binance, referred to the two largest cryptocurrencies, Bitcoin and Ether, as commodities, which could include XRP as well. inside the umbrella This may contradict the SEC’s assertion.
david schwartz weighs in
As the end of the battle between Ripple and the SEC nears, companies associated with the cryptocurrency industry are still struggling to find some clarity around the laws they are supposed to align with. The community has ridiculed the SEC for its aggressive crackdown on the space.
As for Ripple, its CTO David Schwartz took to Twitter to clarify that XRP ceased to be a security when the firm relinquished control of the XRP Ledger, allowing others to hold it. However, questions were also raised about the blockchain company’s control of the default Single Node List (dUNL) and its “responsibility” for code updates in Ripple’s codebase that indicated XRPL’s dependency on Ripple.
The executive further added that Ripple’s actions were “out of convenience” and not necessity, while noting that there were “no significant obstacles” preventing others from holding XRPL.
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