Ripple (XRP) has been on a roll lately, and it seems like nothing can stop its momentum. Despite the market-wide decline, the cryptocurrency has continued to surge, reaching a 10-month high. As of this writing, XRP is trading at $0.55 after peaking at $0.58, an impressive feat considering the state of the market.
The surge in XRP's price has attracted the attention of many investors, and it's not hard to see why. The cryptocurrency has gained close to 60% in the past two weeks, resulting in a massive profit-taking effort by traders. This highlights just how valuable an asset XRP is, with investors rushing to get their hands on it despite the ongoing Ripple lawsuit.
Could the Ripple vs. SEC Lawsuit Swing in Favor of the Blockchain Company?
Speaking of the Ripple lawsuit, it seems like things are starting to look up for the blockchain firm. The bullish sentiment among investors about Ripple winning the case against the SEC is one of the factors that has contributed to the recent surge in XRP's price. Many investors believe that the SEC's case against Ripple is weak and that Ripple will come out on top.
Furthermore, Ark Invests' CEO, Cathie Wood, has also expressed her optimism about Ripple's case in a recent interview. She stated that "it seems they (the SEC) might be on the way to losing that (the Ripple case) as well." This statement has given investors even more hope that Ripple will emerge victorious in the lawsuit.
XRPL Upgrade Lends a Hand
Apart from the Ripple lawsuit, other factors have contributed to the surge in XRP's price. One of these is the fundamental upgrade to the XRP Ledger (XRPL). These upgrades have attracted new users to the network, and XRPL accounts have been steadily rising.
In addition, the US Commodity Futures and Trading Commission's (CFTC) lawsuit in the crypto space have also played a role in XRP's surge. The CFTC referred to Bitcoin and Ether as commodities, potentially bringing XRP under the same umbrella. This contradicts the SEC's claim that XRP is a security, and it has given investors hope that Ripple will come out on top in the lawsuit.
As the battle between Ripple and the SEC draws closer, the community is eagerly waiting for clarity around the laws governing the crypto industry. It's no secret that the SEC's aggressive clampdown on the space has caused a lot of confusion and frustration among investors. The crypto industry needs clear and concise regulations to operate within, and the outcome of the Ripple lawsuit could set a precedent for future cases.
Ripple’s Social Dominance Surge Per LunarCrush
In other related news, XRP's social dominance continues to soar. According to data from the social analytics platform LunarCrush, XRP took the lead in trending social activity and led trading activity in a basket of 10 coins. XRP also ranked first in the top 10 current trending searches, per LunarCrush.
What’s the Price Doing?
As mentioned earlier, Ripple is killing it in the market despite a relatively weak performance from other high-cap cryptos in the past few days. According to data from CoinMarketCap, the cryptocurrency is up 30% over the last seven days, dominating almost every other cryptocurrency in the top 100 rankings.
After its parabolic run to the $0.58 mark, the cryptocurrency has shown signs of slowing down as it returned under the $0.55 mark. Regardless, the bullish market sentiment still remains for XRP, with the cryptocurrency’s Fear and Greed Index at “extreme greed,” according to CFGI.
That said, many investors expect Ripple to resume its bullish trajectory soon enough, with eyes trained on the $0.60 round figure.
XRP Statistics Data
XRP Current Price: $0.55
XRP Market Cap: $28B
XRP Circulating Supply: 51.6B
XRP Total Supply: 99.9B
XRP Market Ranking: #6
This article should not be taken as financial advice. It is essential to conduct research before making any investment decisions.