The cryptocurrency market has experienced a notable recovery recently, with several top digital assets reaching multi-month highs. Bitcoin (BTC) surpassed $66,000 just a few hours ago, and Ethereum (ETH) briefly exceeded $3,500.
Ripple’s XRP has shown remarkable performance, with its price jumping nearly 40% in the span of a week. It has gone up by 9% in a day, reaching $0.60 for the first time since April.
This resurgence aligns with the growth of some key metrics integral to its ecosystem. The total number of transactions executed exceeded 4 million on July 16, marking a six-month high.
The average transactions per ledger reached 204: a 250% increase compared to the beginning of the month.
High transaction volumes on the XRP Ledger indicate heightened network utilization and functionality, potentially leading to increased asset demand and more capital inflows.
Implications of the Ongoing Ripple vs. SEC Legal Battle
The growing belief that the contentious legal conflict between Ripple and the US Securities and Exchange Commission (SEC) may be nearing a resolution could be another contributing factor to XRP’s price surge.
Legal experts such as Fred Rispoli and Jeremy Hogan speculate that an official resolution could happen as soon as this summer.
The legal battle has been ongoing for over three and a half years, with some perceiving the SEC as the underdog following three partial court victories secured by Ripple in 2023. Just over a year ago, Judge Torres ruled that its programmatic sales to secondary trading platforms do not constitute offers of investment contracts.
Following this announcement, XRP’s price shot up by over 70%. The asset responded positively after the other two victories: when the judges dismissed the SEC’s intent to appeal and when CEO Brad Garlinghouse and Executive Chairman Chris Larsen were exonerated of all accusations by the SEC.
For those interested in learning more about the case details and its potential repercussions on XRP’s value, check out our dedicated video below:
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