XRP, a digital coin often used to make international payments, has stolen the crypto market spotlight once again after hitting the key $0.5 resistance mark— a potential signal of how investors feel regarding an ongoing legal battlebrought by the U.S. Securities and Exchange Commission (SEC) against associated blockchain payments firm Ripple.
XRP posted as much as 5 percent in gains over the past 24 hours to trade at $0.511 at the time of writing, according to CoinGecko data. The upward price action was accompanied by an impressive 82.37% spike in trading volume during the same timeframe.
XRP Making Waves
XRP has been on a roll in recent days following reports the SEC’s landmark case against Ripple was tilting in favour of the San Francisco-based firm. Today, a sudden spike in trading volume hurled the XRP price above the important $0.5 level.
XRP currently has a $26 billion market cap, which translates into a 24-hour increase of 4.68 percent. Perhaps even more notably, XRP is the top gainer among major tokens as it is now up 13.46 percent over the past seven days.
On-chain analytics firm Santiment recently pointed out that XRP has enjoyed the second and third-largest surges in address activity in history in the last 2 days. Compared to a similar occurrence on March 18, expecting further price appreciation for XRP is reasonable. Should history repeat itself, the token’s price could jump 45% in the space of 10 days following the latest increase in activity.
What’s Next For XRP Price?
There does not appear to have been a clear catalyst for today’s XRP upsurge. However, it could be an indication that the bulls anticipate some truly good news about XRP and its ecosystem in the near future. For one, some insiders believe the SEC v. Ripple case is about to come to an end. Finally.
Notably, U.S. District Judge Analisa Torres recently dismissed the SEC’s motion to seal the Commission’s internal communications that occurred before a speech by its former director, Willian Hinman, in June 2018. In that speech, Hinman posited that the Ether token is not a security asset.
The unsealing of these documents could push Ripple toward a critical legal victory, given its ability to prove that XRP is also not a security.
Ripple CEO Brad Garlinghouse has expressed confidence that a final verdict in the lawsuit could be coming “in weeks”. Ripple’s win will undoubtedly set off a mega-bullish impulse for XRP as well as bring cheer to the broader crypto market, but a defeat could rekindle risk aversion.