XRP Rises Nearly 4% in 24 Hours
XRP, the native token of the Ripple protocol, has seen an increase of almost 4% in the past 24 hours, trading at $0.528 at the time of writing. This comes despite XRP slightly retracing from its recent high of $0.545 set last night, according to data from CoinGecko.
Outperforming Top Cryptocurrencies
XRP is currently the industry’s fifth-largest asset by market cap and is the best-performing asset among the top 50 cryptocurrencies, with Bitcoin (BTC) and Ethereum (ETH) posting daily losses of 0.5% and 1.3%, respectively.
Positive Momentum from Legal Ruling
XRP has also experienced a 6.2% increase over the week, with the latest uptick in price spurred by the news of a federal judge declining the U.S. Securities and Exchange Commission’s (SEC) bid to apply her prior decision regarding Ripple Labs.
In her ruling on July 13, U.S. District Judge Analisa Torres in Manhattan concluded that the sale of the XRP digital token on public exchanges did not constitute an illegally unregistered securities offering as buyers did not have a reasonable expectation of profit based on Ripple’s actions, according to the judge’s decision.
Ripple Secures License in San Francisco
In addition to the positive outcome, Ripple announced on Wednesday that its subsidiary, Snapper, has secured full payments licenses to operate in the city-state of San Francisco.
The licenses, granted by the Monetary Authority of Singapore (MAS), will allow Ripple Markets Pte Ltd to continue providing regulated digital payment token services in Singapore.
The company added that it will prioritize the Pacific region for the adoption of its crypto-enabled payment solutions.
Hot Take: XRP Gains Momentum with Legal Victory and Licensing in San Francisco
XRP has shown resilience in the market, rising nearly 4% in the past 24 hours. Its positive performance is driven by a federal judge’s ruling that the sale of XRP did not violate securities laws. Additionally, Ripple’s subsidiary, Snapper, securing full payment licenses in San Francisco further bolsters XRP’s prospects. With these recent developments, XRP is gaining momentum and positioning itself as a real-world solution for businesses in the cryptocurrency space.
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