The price of XRP has risen nearly 60% over seven days, topping $0.50 on Friday. A judge is expected to rule soon in the Ripple Vs SEC case. In fact, during the day on September 16, Ripple (XRP) climbed 9%, sparking significant investor interest. Recent updates shared seem to support this optimism.
Why is the deal impacting the price of XRP?
Ripple and the SEC regulator recently filed a motion with the court in charge of the XRP case for a preliminary ruling. In fact, defense attorney James Filan (representing Ripple) shared a news story on Twitter that notes the recent development in the case.
The securities regulator launched the offensive against Ripple in 2020, blaming the blockchain specialist for violating securities laws with its digital coin XRP, which the SEC considered a security. Since then, the courts have taken over the case.
Today, both parties consider that the magistrate has the necessary elements to base a decision. And a number of traders seem to be betting on a victory for the firm headed by Brad Garlinghouse, or at least see it as an investment opportunity.
Over the past week, the XRP price has risen about 60% to over $0.55 this morning. It is trading around $0.50 at the time of publishing this article, up 19% over 24 hours.
We have seen interest in buying XRP options in anticipation of a resolution to the ongoing lawsuit with the U.S. Securities and Exchange Commission,” commented Dick Lo, head of trading firm TDX Strategies.
XRP broke through the psychological $0.5000 mark today to form a new intermediate high at $0.5569. The RSI has reached overbought conditions on the daily chart, arguing for a temporary consolidation/correction of gains.
At the time of writing, XRP price is $0,487400 USD with a 24-hour trading volume of $7 394 596 669 USD. The current CoinMarketCap ranking is #6, with a live market cap of $24 296 291 554 USD. It has a circulating supply of 49 848 747 475 XRP coins and a max. supply of 100 000 000 000 XRP coins.