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Saturday, June 15, 2024

Why is the Ripple (XRP) Price Up Today?

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TL;DR

  • Ripple’s XRP price surged to $0.62, potentially due to successive legal victories against the SEC, including a partial win in July and dismissal of charges against Ripple executives.
  • The positive sentiment around Ripple is bolstered by expectations of a near-complete win in the ongoing legal battle, with a decisive trial set for April 2024.
  • The general crypto market is experiencing an upswing, with leading assets like BTC, SOL, DOT, and AVAX all showing significant gains alongside XRP.

Ripple Marching Towards a Decisive Victory

Ripple’s native token – XRP – spiked to almost $0.62 (per CoinGecko’s data) a few hours ago, tapping its highest level since mid-August. Its positive price performance could be based on the company’s winning streak against its big enemy – the US Securities and Exchange (SEC).

Ripple secured its first partial victory in July when a Federal Judge determined that the firm’s programmatic sales from years ago did not constitute an offer of investment contracts. XRP reacted with a rapid increase above $0.85 but descended to approximately $0.50 in the following days.

The Ripple community cheered two more times in October – when the US magistrates dismissed the SEC’s intention to appeal the initial ruling and when CEO Brad Garlinghouse and Executive Chairman – Chris Larsen – were cleared of all charges brought by the watchdog.

Multiple analysts and experts believe the organization is one step away from a final victory in the lengthy battle that has been ongoing since December 2020. A trial set for April 2024 should determine the outcome of the dispute.

The Market Flashes Green

XRP’s price increase coincides with an overall market surge, with most leading digital assets charting substantial gains. Bitcoin (BTC) briefly touched the $36K mark, while Solana (SOL), Polkadot (DOT), Avalanche (AVAX), and Aave (AAVE) are also performing quite well.

Those willing to check whether XRP has a chance of a further rally in the remaining months of the year could take a look at the video below:

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