XRP Price Boom after Ripple’s Partial Win Against SEC
Last week, XRP experienced an incredible price surge, growing by over 100% in value in just one day. The rise was a direct consequence of Ripple’s partial win in a long battle against the U.S. Securities and Exchange Commission’s (SEC).
– XRP’s price skyrocketed by over 100% in one day following Ripple’s partial win against the SEC.
– Ripple has been involved in a 3-year-long legal battle with the SEC over the classification of XRP as a security.
– Judge Analisa Torres ruled that XRP does not qualify as a security, at least regarding programmatic sales and “other distributions.”
– The victory sent a bullish wave across the entire crypto market, leading to XRP being relisted on major exchanges.
– However, XRP’s network activity has not seen a significant increase, indicating a lack of new entities entering the network.
XRP Network Usage Data Indicates a Short Pullback
Traders have shown significant interest in XRP over the past week, with its spot trading volumes surpassing those of Bitcoin and Ethereum. However, network activity has not seen much growth. The XRP Ledger has maintained a consistent number of transactions for over a year, suggesting a lack of new participants.
New Bullish Trend for XRP
Following the court’s ruling, XRP’s price has continued to grow throughout the week, reaching $0.84 on July 19. This upward trend could potentially mark the end of the bearish trend that XRP has experienced since its peak in 2018. However, XRP has not yet reached the $1 mark and has pulled back slightly in recent days, with its current value at $0.7831.
Hot Take
While Ripple’s victory against the SEC initially caused a significant surge in XRP’s price, the lack of network activity and the token’s failure to reach $1 indicate some limitations to its growth potential. It remains to be seen whether this recent bullish trend will sustain or if XRP will face further challenges in the future.
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