XRP Price Skyrockets by 30% – Here is Why
XRP has shown a significant price surge, which could indicate that the ongoing legal dispute between Ripple and the Securities and Exchange Commission (SEC) may soon end.
Ripple’s supporters are optimistic that the company will emerge victorious. This sentiment has caused the value of its native cryptocurrency, XRP, to increase significantly in the past 24 hours.
SEC allegations
The cause of this optimism is the possibility that the two-year legal battle may soon end. The SEC claims that XRP is a security and that two of Ripple’s executives violated the Securities Act of 1933’s registration provisions.
Ripple, which does not directly issue the token, maintains that XRP does not meet the criteria for securities as defined by the Howey Test and should not be treated as an investment contract.
During an interview with CNBC at the World Economic Forum in January, Ripple CEO Brad Garlinghouse expressed hope that the conflict would be resolved in the first half of 2023.
The outcome of the case could have significant implications for the cryptocurrency industry. If the judge rules in favor of the SEC, it could potentially categorize many other cryptocurrencies as securities. The judge could also decide to send the case to a jury trial or limit the scope of the trial.
READ MORE: Bitcoin: Is the Market Overbought or Just Getting Started?
Recently, Ripple team members have cited a Supreme Court ruling that they believe supports their case and have filed documents in court accordingly. Notable individuals in the cryptocurrency industry, such as Ryan Selkis, the CEO of Messari, have increasingly voiced their support for Ripple as the legal decision draws nearer.
XRP price
At the time of writing, XRP is trading at $0.49 after an incredible 30% increase in the past 24 hours. The token’s daily trading volume exceeds $3.4 billion, while the current market cap is over $25 billion.
The technical analysis from TradingView sheds light on the optimistic turnaround for the cryptocurrency as the sentiment is becoming more bullish. The summary of the indicators shows a “strong buy” opportunity with 17 signals. Oscillators point at “buy” with 3 signals, while the moving averages show “strong buy” at 14.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
