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The XRP price experienced a historic surge last night amidst stagnant market conditions. The Securities and Exchange Commission (SEC) of the United States, in a 3-year case between the regulatory body and blockchain company Ripple Labs’ leading executives Brad Garlinghouse and Chris Larsen, took a historic step back. Following this news, the XRP price saw a significant increase.
XRP Bulls on the Rise
At the time of writing this article, XRP was trading at $0.5123 with a 6.68% increase in the last 24 hours. Although this price increase appears weaker compared to the one following Judge Analisa Torres’ decision in July, there was a clear increase in trading volume of XRP bulls, which pushed the price upwards.
According to the data, XRP’s trading volume increased by 60% in the last 24 hours, and this significant increase occurred within a few hours since the court dismissed the charges against XRP’s CEO. An overall review revealed that approximately $1.78 billion worth of transactions took place on spot exchanges.
Current Status of XRP and SEC Case
XRP does not seem to face any legal restrictions within the United States, and therefore, there are no apparent obstacles to its growth at the moment. The cryptocurrency is positioned as a non-security coin, having regulatory clarity, especially in the US.
Secured by well-defined lawsuits, XRP was relisted on spot exchanges like Coinbase and Kraken after Judge Torres’ decision in July.
It would be correct to say that besides being a cryptocurrency, XRP also plays a significant role in international payments. With the charges against the company and its executives being dropped, it is possible for companies to embrace the cryptocurrency to strengthen their operations.
These foundations laid for the cryptocurrency could serve as a solid basis for XRP to test the $1 price level again in the medium and long term.
