The Price of XRP Soars as SEC Drops Charges Against Ripple Executives
The price of XRP, the native token of the XRP Ledger, experienced its highest daily percentage gain in three months following the announcement that the U.S. Securities and Exchange Commission (SEC) dropped securities violations charges against Ripple’s executives. Market data shows that XRP surged over 6% to reach $0.52 after it was revealed in a court filing that the SEC dismissed claims that Ripple’s top executives had violated federal securities laws by selling XRP. This development marked another victory for Ripple in its ongoing legal battle with the SEC.
Smart Money Drives XRP Price Rise
XRP briefly surpassed the $0.53 mark for the first time in over a week, outperforming other altcoins. On-chain analytics firm Santiment attributes this rise to “smart money” investors who hold between 10,000 and 10 million XRP. These investors have been rapidly accumulating XRP and now hold 29.5% of the cryptocurrency’s supply.
Optimistic Price Predictions for XRP
Cryptocurrency market analyst Dark Defender remains optimistic about the price of XRP and has set a bold price target of $5.58, representing a rally of over 1,000% from its current level. Additionally, Linda P. Jones, a former Morgan Stanley executive with an extensive background in investment banking, expressed her bullishness on XRP after Coinbase launched XRP perpetual futures for non-U.S. investors and introduced other derivatives.
Hot Take: XRP Sees Significant Price Surge After SEC Drops Charges
The price of XRP experienced a substantial increase after the U.S. Securities and Exchange Commission (SEC) dropped securities violations charges against Ripple’s executives. This decision by the SEC, combined with the accumulation of XRP by “smart money” investors, caused the cryptocurrency to outperform its counterparts in the market. With optimistic price predictions from industry analysts, XRP appears to be on an upward trajectory. The ongoing lawsuit between Ripple and the SEC continues to be closely watched by crypto enthusiasts and investors alike.
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