XRP joined market uptrend today amid expectations of Ripple v. SEC summary judgment
The currencies ecosystem is moving toward a bullish trend, with the total market worth of all cryptocurrencies rising by 3.93% to $1.12 trillion. With its recent declines, XRP is using this rise as its price is currently poised for a bullish reversal.
XRP Price Reverses Trend as Lawsuit Enters Wait-and-See Era
The price of XRP is currently $0.3694, up 2% over the previous 24 hours and 3.19% over the past week. Although XRP’s rise has generally been slower than Bitcoin or Ethereum, the present trend suggests a new level of optimism is emerging.
XRP/USD 4-hour chart | Source: TradingView
Since the lawsuit between blockchain payments company Ripple Labs Inc and the US Securities and Exchange Commission (SEC) showed a variety of developments that have further cast doubt on the future of the token in the hearts of its holders, XRP’s fate has been sealed in a vacuum for the past two years.
The litigation has now entered a wait-and-see phase for those involved in the XRP community, who have high hopes for summary judgment and some who think a successful resolution will spur significant development in the coin.
Over the past several months, experts following the Ripple v. SEC case have emphasized their belief that the blockchain payments case against the regulator is strong and may support its success in court.
As AZCoin News reported, John Deaton and Scott Chamberlain have both given various arguments for why they think XRP is not a security and that the SEC’s assertions are an abuse of regulatory authority and Ripple’s own in-house attorneys.
Despite widespread assurances, several XRP community members and influencers are advising traders to stockpile the coins before the summary ruling. There is speculation that the firm’s company is thriving in other high-growing locations, which can fuel XRP’s long-term growth and the likelihood of winning the lawsuit.
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