Amid the ongoing legal battle between both Ripple (XRP) and the US Securities and Exchange Commission (SEC), both sides reached an agreement this week. Specifically, both sides have submitted a joint sealing proposal with the US District Court of the Southern District of New York. In response to this agreement, Ripple’s native XRP token appears to be climbing again after a bearish turn, up 8 in the last 24 hours.
Ripple’s XRP token was late to the recent crypto surge over the past month. However, as the market made a U-turn and began to grow bearish, XRP suffered dramatically. The asset dropped from a 2024 high of $0.73 to as low as $0.58 once again. Currently, XRP is trading at $0.6423, up 6.6 percent in 24 hours. Furthermore, trading volume in the last 24 hours sits at $2,764,614,231.
While this could be just a temporary rebound, some XRP investors see it as a positive outlook for the future. Some bulls are optimistic that XRP will surge beyond its current price to as high as $0.90 and even $1. XRP’s all-time high price was set in 2018 at just over $3.00. The asset hasn’t hit $1 since 2021. However, investors are hopeful that Ripple’s native token will surge following a positive ruling in the SEC case.
Over the past several years, the ongoing legal battle between the SEC and Ripple Labs has dominated the digital asset sector. As many expect the case to come to a close in the coming months, holders are ready for the XRP token to boom. Additionally, a positive ruling could result in a surge not just for XRP but for all cryptocurrencies.
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