XRP’s price surged above $0.60, reaching a three-month high. XRP’s value likely increased due to heightened network transaction activity, rising approximately 40% in a week. The anticipation of a resolution in Ripple’s legal battle with the SEC might have also contributed to the recent price hike. Here are the notable details and important developments.
Why is XRP Rising?
The cryptocurrency market witnessed a significant rebound in the past few days, with many leading crypto assets reaching multi-month highs. Bitcoin touched $66,000 a few hours ago, while Ethereum briefly surpassed $3,500. Ripple’s XRP performed even more impressively, with its price increasing nearly 40% on a weekly scale. It reached $0.60 for the first time since April with a daily increase of 9%.
XRP’s resurgence coincides with the revival of some significant metrics within its ecosystem. For instance, the total number of transactions exceeded 4 million on July 16, representing a six-month high.
The average number of transactions per ledger reached 204, a 250% increase compared to the figure observed at the beginning of the month. More transactions on the XRP Ledger indicate increased network usage and utility, which could potentially lead to higher demand for the asset and more capital inflow.
Developments on the Ripple Front
Growing expectations of the conclusion of the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) might be another factor boosting XRP’s value. American lawyers Fred Rispoli and Jeremy Hogan are among those predicting an official decision could come as early as this summer.
The lawsuit has been ongoing for more than three and a half years, and some view the SEC as the weaker party due to Ripple’s three partial court victories throughout 2023. Just over a year ago, Judge Torres ruled that programmatic sales were intended for secondary trading.
XRP’s price surged over 70% just hours after the announcement. The asset responded positively after two other victories: when judges denied the regulator’s intention to appeal the decision and when CEO Brad Garlinghouse and Executive Chairman Chris Larsen were cleared of all charges brought by the Commission.
