The price of XRP has surged in recent days, as investors flock to the asset amidst the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC).
Over the past week, XRP has gained nearly 11%, reaching a high of $0.52. The surge in price has been driven by a number of factors, including:
- Significant capital inflows: Over the past seven days, the XRP market has witnessed a substantial $2.6 billion flow of capital, reflecting investor confidence and support for the digital asset.
- Growing market capitalization: XRP’s market capitalization has experienced a significant uptick, rising to $27.19 billion, indicating a 10% increase compared to the previous week.
- Increased on-chain activity: XRP has witnessed a surge in on-chain activity, with the number of addresses interacting with the XRP Ledger reaching an unprecedented level of 490,000. This surge in activity suggests potential significant changes in the network’s market position.
The ongoing legal battle between Ripple and the SEC has also been a major driver of investor sentiment. The SEC has accused Ripple of selling XRP as an unregistered security, but Ripple has argued that XRP is a non-security and should be classified as a currency.
The case is still ongoing, but the recent rulings by Judge Annalisa Torres have been seen as a positive development for Ripple.
In a recent ruling, Judge Torres ordered the SEC to produce documents related to William Hinman’s speech in 2018, in which Hinman stated that Ethereum was not a security. The release of these documents could potentially impact XRP’s legal classification as security or non-security.
XRP supporters and lawyer John Deaton anticipate a resolution to the case by September, aligning with the anticipated public release of Hinman speech documents in June.
