XRP has surged 11% in just six hours, reaching $2.56 after the U.S. Securities and Exchange Commission (SEC) decided to drop its long-running lawsuit against Ripple.
This legal win has created a lot of positivity among investors, and the price has gone up as the regulatory overhang on XRP is cleared. The increase in XRP’s price by 11% shows that more investors are trusting the cryptocurrency.
Some analysts believe that this is just the start of an upward trend, and there are speculations that XRP may go beyond the $3 level. XRP has grown by 20% this year, and if the trend remains positive, it will be able to reach new heights.
Ripple’s CEO Brad Garlinghouse said this at the Digital Assets Summit, and while expressing joy over the win, he also accused the SEC of spending four years on a fight that could have been avoided. He focused on the broken system and noted that the SEC never had any intention of acting in good faith.
Currently, institutional investors are focusing on XRP because of the potential of the digital asset in cross-border payment and trading. Due to legal issues, many financial companies are now changing their attitudes towards XRP. Will this price rally continue? Only time will tell.
Also Read: Ripple Files for ‘Ripple Custody’ Trademark—XRP Wallet Soon?
