XRP gains about 60% in a month as a result of tiny victories in a SEC litigation.
XRP looks to be defying the odds by registering strong increases despite the fact that the token’s parent firm Ripple is still mired in a legal battle with the Securities and Exchange Commission (SEC).
According to CoinMarketCap statistics, the coin has risen 57.75% in a month to a value of $0.52 at press time, up from $0.33 on September 8.
XRP’s gain has been notable, given that other cryptocurrencies are currently seeing a decline in value. Despite the fact that most assets are trading in the negative, XRP’s good gains can be ascribed in part to recent developments in the Ripple lawsuit with the SEC.
Possible Ripple victory over SEC
Notably, the SEC is suing Ripple for issuing XRP as a security, but the agency’s position appears to be faltering, resulting in shifting dynamics in the price of XRPs. The judge recently rejected the regulator’s bid to suppress papers connected to former Division Director William Hinman.
The materials at issue relate a speech Hinman gave at a symposium in which he stated that Bitcoin (BTC) and Ethereum (ETH) are not securities.
As a result, the most recent events hint to a likely victory for Ripple, and the presiding judge may dismiss the case. If the lawsuit is decided in favor of Ripple, it will be a big victory for XRP.
Other bullish XRP sentiments
Positive returns on XRP have been reflected in various indicators related to the asset. On September 30, Finbold announced that XRP’s three-month social activity totaled 1.95 billion social interactions from 9,424 social contributors.
Regardless of the result of the SEC action, XRP will most certainly benefit from Ripple’s continuous network adoption as it seeks to enable cross-border payments. Banks have already picked XRP to power transactions at 2%.
Simultaneously, Ripple Labs has been rapidly growing its services, which has earned the business a spot among the top Fintech 250.
However, uncertainty over the future persists, with the crypto community at CoinMarketCap projecting that XRP would trade at a median price of $0.4166 by October 31, 2022.
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