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XRP, a popular cryptocurrency, has been experiencing a surge in popularity in recent weeks. The preliminary ruling in the lawsuit between Ripple and the SEC, two years after the case began, holds significant meaning for XRP. While the price of XRP saw a record-breaking increase of 100%, it also experienced a minor correction. However, the good news for XRP investors keeps coming.
The Current State of XRP
Ripple, the institution behind XRP, believes that the recent ruling will lead to a surge in XRP’s popularity. Ripple executives emphasized that institutions within the United States may flock to the company’s liquidity-focused product called ODL. This product, used for international trade and payments, has gained even more attention due to the recent ruling by the SEC.
Stu Alderoty, Ripple’s Chief Legal Officer, highlighted this in an interview with CNBC and delivered great news for XRP investors. He stated:
“I believe this ruling can provide comfort to financial institutions in explaining the problems businesses are currently facing and the challenges of transferring value and money across borders. This product may make more sense compared to unnecessary transaction fees.”
The Rush to XRP
Ripple suffered a major blow and experienced significant loss of corporate clients following the lawsuit filed by the SEC. Even Bank of America withdrew from the XRP-focused program and did not take the risk. However, with the recent preliminary ruling, XRP has gained clarity, which will inevitably impact its corporate clients.
XRP has also garnered incredible interest from individual investors. With the announcement of the preliminary ruling, the price of XRP skyrocketed to $0.91, resulting in a volume of $11 billion in a short period. The increase from $600 million in volume on July 13th to this level clearly demonstrates the level of interest. Currently, the token has retreated to $0.74 and is experiencing a slight correction. This could be expected as the final correction before further growth.
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