Ripple’s Legal Victory Fuels XRP Price Surge
Ripple may win its SEC case as the agency hesitates to appeal. Ripple's legal victories boost XRP’s price and market acceptance.
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XRP price suddenly surges, is Ripple v. SEC ruling coming soon?
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Today, the price of XRP, a popular cryptocurrency, has seen an unexpected increase while much of the market is in decline. Since the start of the trading session, XRP has risen by over 1.3%, reaching $0.46.
Speculation on Price Surge
This surge has led to speculation about potential factors behind this upward movement. One hypothesis suggests anticipation or insider information regarding the impending ruling in the SEC's case against Ripple.
The parties are currently finalizing the issue of remedies, with notable attention given to the fact that a similar decision last year on July 13 resulted in XRP being classified as a non-security, doubling its value in a single day.
Surge in XRP Investment Funds: Attracting Significant Inflows Amidst Sector Contractions
Additionally, there has been substantial investment inflow into XRP-focused funds. Since the beginning of the year, these funds have attracted more than $18 million, contrasting with outflows in other sectors. This trend mirrors last year's
performance, where investments in XRP ETPs remained stable from March to July 2023.
The importance of July
As the legal dispute between Ripple Labs and the SEC draws to a close, a final judgment is expected in July. Legal experts say that barring unexpected developments, the ruling could come as early as July 13 or by the end of the month.
Fred Rispoli, an attorney who supports XRP, predicts that Judge Torres will rule on remedies by July. The SEC is asking for a $2 billion fine, while Ripple argues that the fine should not exceed $10 million. Rispoli noted the historical significance of these dates, recalling last year’s ruling that XRP was not a security, which had a significant impact on its price.
With the market closely monitoring developments, anticipation surrounding the Ripple v. SEC verdict intensifies. Despite broader market challenges, investors are keenly aware of the potential implications of this decision on future XRP price movements.
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