- XRP spikes 40% in a week, standing out in the market amid Ripple’s legal fight with the SEC over securities laws.
- Speculations rise about Rippleβs future settlement with the SEC, with market anticipation high for a July 18 SEC meeting.
- Ripple donated $1 million to a pro-crypto super PAC, showing its active political stance amid ongoing legal battles.
As the U.S. Securities and Exchange Commission (SEC) and Ripple Labs continue their legal struggle, XRP has emerged as the leader of the most recent wave of digital assets. Over the past week, there has been a notable 40% spike in the value of the cryptocurrency, which is now worth about 60 cents.
In contrast, broader market indicators have recorded more modest gains, highlighting XRP’s prominence in current market trends.
The hype that has fuelled XRPβs recovery is based on anticipations of future settlements from Ripple Labs with the SEC. Rippleβs CEO Brad Garlinghouse did not give a direct response to a question about the matter during an interview with Bloomberg Television.
However, he noted that the recent issues have been well spelt by the judge and added that he is hopeful of an early conclusion although he does not know when the judge will come to a final decision.
The legal battle started in December 2020 when the SEC accused Ripple Labs of conducting an unregistered securities sale through the creation and distribution of XRP tokens. The case has particular relevance to the regulatory actions applicable to digital assets within the United States, particularly concerning the SEC authority in the execution of those transactions.
Fueling speculation further are reports of a “closed meeting” scheduled on the SEC’s agenda for July 18, a development closely monitored by crypto enthusiasts and market participants alike. The anticipation surrounding this meeting underscores the market’s eagerness for clarity on the regulatory status of XRP tokens.
Adding intrigue to the narrative, Ripple Labs recently disclosed a notable political move of a $1 million donation towards a super political action committee (PAC). This contribution is intended to support candidates favorable to the cryptocurrency sector, illustrating Ripple’s proactive stance amidst its legal challenges.
As of the press time, the price of XRP stands at $0.582562, with a trading volume of $3,910,012,651 on the last day. XRP has declined by 5.66% in the past 24 hours. Currently ranked #7 on CoinMarketCap, it boasts a live market cap of $32,570,758,181. The circulating supply stands at 55,909,481,874 XRP coins, with a maximum supply of 1 billion XRP coins.
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