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Crypto investors seem to be enjoying a sense of relief in the past few months, amidst a broader market recovery after one of the worst downturns for the industry in 2022.
Ripple SEC Case and XRP Price
Despite ongoing litigation against the U.S. Securities and Exchange Commission (SEC) and uncertainty regarding its regulatory status as a security, Ripple’s XRP continues to be a noteworthy cryptocurrency.
Last week, XRP’s price surged by approximately 12%, surpassing the $0.5 threshold. On Wednesday, May 31, the cryptocurrency was trading at $0.51, reflecting a 1.58% increase within the day. Currently, XRP is experiencing a support level of $0.48689, with the resistance threshold standing at $0.54383.
Interestingly, at the start of this week, renowned legal expert John E. Deaton expressed his surprise at how many crypto investors overlooked the opportunity to purchase XRP at a relatively low price like $0.48. He added that he expected a FOMO surge to around $2 after the lawsuit is resolved, a level that XRP hadn’t seen even during a bullish period.
Why Is XRP Surging?
There are several factors contributing to the recent surge of XRP. Most recently, the sixth-largest cryptocurrency by market capitalization grabbed market attention on May 30, following a significant increase in network activity.
On May 27, the blockchain recorded an unexpected surge in its daily active addresses (DAA), reaching 490,000, indicating the second-largest address activity on the network. This increase came just a few months after the DAA soared to an all-time high of 880,000.
Prior to this, XRP’s price climbed following a significant victory in Ripple‘s legal dispute against the SEC. Specifically, on May 17, U.S. District Judge Analisa Torres halted the SEC’s attempts to seal ‘Hinman documents’ that referenced the regulator’s internal communication about former Division Director William’s remarks that Bitcoin (BTC) and Ethereum (ETH) were not securities.
