Following Ripple’s victory against SEC, XRP’s price skyrocketed on the same day but hasn’t seen much more growth over the past week.
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).
SEC first sued Ripple for its supposed breach of the U.S. Securities laws back in 2020 which started the 3-year-long crusade. Finally, on July 13, 2023, judge Analisa Torres of District Court of the Southern District of New York pronounced in her ruling that XRP does not qualify as a security, at least regarding programmatic sales and “other distributions” (it is considered a security in regard to institutional sales).
The remarkable Ripple victory sent a bullish wave not only to XRP but to the whole crypto market. Besides, the XRP token was relisted on many big exchanges such as Coinbase and Gemini after the announcement of the court ruling.
XRP Network Usage Data Indicates a Short Pullback
Traders have clearly shown much interest in XRP over the past week, with the coin’s spot trading volumes even exceeding that of Bitcoin and Ethereum.
Yet, according to the recent data, the network’s activity hasn’t seen much increase. Ripple’s blockchain-based distributed ledger technology XRP Ledger has maintained about the same number of transactions for over a year. This means that there’s still a lack of new entities entering the network.
New Bullish Trend for XRP
Following the court’s ruling in favor of Ripple on July 13, the price of XRP has been consistently growing during the whole week, hitting a mark of $0.84 on July 19. The growth could mark an end to the bearish trend that the token has been witnessing since its 2018 peak.
Despite the huge surge in value XRP saw last week, it still hasn’t managed to reach the price of $1 and pulled back a little bit in the last couple of days. At the time of writing the token’s value is $0.7831.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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