XRP Price Spikes Double Digits, Is a Settlement on the SEC-Ripple Lawsuit Around the Corner?
- The recent XRP price spike is unique because all other top ten digital assets have recorded minimal or negative volatility in the past week.
- Bitcoin’s (BTC) price is trading at $56,131.01, down 4.1 per cent in the past seven days.
- Ethererum (ETH) price, on the other hand, is trading at $3,223.61, down approximately 11 per cent in the past seven days.
The XRP price has surged as much as 30 per cent between Thursday and Friday to trade around $0.5. As per our market data, XRP price has gained approximately 50 per cent in the past seven days. Interestingly, Ripple has been trending in Twitter Inc.’s (NYSE: TWTR) business and finance sector.
Speaking in a FOXBusiness interview, Ripple CEO, Brad Garlinghouse, said a judge, not a jury, will ultimately decide the “cryptocurrency trial of the century.” Furthermore, most of the altcoins in the industry have an intrinsic value derived from the underlying company.
As such, they are likely to be classified as securities should Ripple lose the case against the SEC. Remember, the White House revealed that it would not support predatory behaviour in the cryptocurrency industry.
“The digital economy should work for all Americans. That means developing financial services that are secure, reliable, affordable, and accessible to all. ..… Some digital assets could help facilitate faster payments and make financial services more accessible. Still, more work is needed to ensure they truly benefit underserved consumers and do not lead to predatory financial practices,” the White House report noted.
Hereby leaving investors wondering whether Ripple will be punished for selling ‘unregistered securities’ according to the SEC.
XRP Price Action and the Cryptocurrency Market Outlook
The recent XRP price spike is unique in the sense that all other top ten digital assets have recorded minimal or negative volatility in the past week.
For instance, Bitcoin (BTC) price is trading at $56,131.01, down 4.1 per cent in the past seven days. Ethererum (ETH) price on the other hand is trading at $3,223.61, down approximately 11 per cent in the past seven days. Dogecoin is the second top ten by market capitalization after XRP that has recorded notable gains in the past seven days. Whereby the meme coin is up approximately 3.2 per cent in the past seven days.
Last week, both Ripple and the SEC filed motions for summary judgment in the Southern District of New York, asking district judge Analisa Torres to make a ruling based on the facts presented in the respective briefs.
The announcement sparked speculation that a settlement may be looming soon. However, lawyers close to the case told FOX Business that Judge Torres likely won’t make a ruling on the summary judgment motions until next year.
As such, market analysts do not expect XRP to have an extended bull run until the final ruling is done. Additionally, most altcoins have recorded major gains during the same period that Bitcoin price breaks out of multi year consolidation.
Meanwhile, XRP has a market capitalization of $24,086,875,118 with its daily traded volume at $6.5 billion. Around 49.5 million XRPs are in global circulation out of the total 100 million.