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XRP Surges by 30% As SEC vs Ripple Case Could Be Close to an End

Author

Jonathan Gibson

Tags

Reading time

3 mins
Last update

Author

Jonathan Gibson

Tags

Reading time

3 mins
Last update

Author

Jonathan Gibson

Tags

Reading time

3 mins
Last update

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XRP could continue growing in the future as the case between the U.S. Securities and Exchange Commission (SEC) and Ripple could come to an end in the near future. XRP surged in just a week by over 30%, becoming the best performing cryptocurrency among the top 100, according to data shared by CoinGecko. If the trend continues, XRP could regain its place in the top 5 by surpassing Binance Coin (BNB), which remained stable during the last 7 days. 

XRP Ready to Take the 5th Place Back

The XRP cryptocurrency has shown strength over the last week as the case between the U.S. SEC and Ripple could get closer to an end. The sixth largest cryptocurrency registered large gains over the last week and the positive trend could be resumed as soon as the coming week. 

This strength is especially welcomed by traders that have been analysing and following the market over the last few months. While altcoins and Bitcoin (BTC) continue in a bear trend, XRP shows strength and it could continue to move higher in the coming weeks. Everything will be highly dependent on the court case between the U.S. SEC and Ripple. 

The case should now proceed to summary judgement, something that shows that the case could be getting closer to an end. Let’s not forget that there has been a strong XRP sell-off in 2020 when the crypto market was starting to move higher before the 2021 bull run. 

The case is related to whether Ripple has violated U.S. securities laws with the XRP digital currency. Ripple claims that XRP is not a security and that the digital asset could continue functioning even without Ripple’s support or promotion. Over the last five years, Ripple has closed different agreements with banks and financial institutions around the world to use the so-called RippleNet and rely on XRP for cross-border transfers. 

Ripple’s CEO Brad Garlinghouse said on Twitter that the filing makes it clear that the SEC does not seem interested in applying the law. 

About it, he wrote on Twitter:

“Today’s filings make it clear the SEC isn’t interested in applying the law. They want to remake it all in an impermissible effort to expand their jurisdiction far beyond the authority granted to them by Congress.”

XRP is getting closer to Binance Coin (BNB), the fifth largest cryptocurrency in the world behind Bitcoin (BTC), Ethereum (ETH), Tether (USDT) and USD Coin (USDC). In the past, XRP was considered the second and third most valuable virtual currency. Its presence among the top 3 lasted many years until the SEC hit Ripple with this lawsuit. 

At the time of writing this article, XRP has a price per coin of $0.488 and a market capitalization of $24 billion. In order for it to be able to surpass BNB, it would have to almost double in price in the coming days. Considering the volatile nature of virtual currencies, this is certainly possible, but nothing can be taken for granted.