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XRP Surges 20% in a week: Investors anticipate Ripple’s legal victory

By:
Gerelyn Terzo
Updated: Mar 22, 2023, 15:26 UTC

XRP is making a comeback, gaining 30% and leading the crypto market higher. Investors are optimistic as Ripple's legal battle with the SEC could be nearing an end. XRP is still far from its all-time high, but it has broken out from its downtrend.

XRP technical analysis - FX Empire

In this article:

  • XRP leads the broader crypto market higher
  • Investors are cautiously optimistic
  • Ripple vs. SEC case could be nearing a conclusion 

XRP could be well on its way to reclaiming its former glory. The No. 6 cryptocurrency had soared as much as 30% in the past day to the edge of the psychologically important $0.50 threshold. 

While it’s since taken a breather, it remains the leading performer among the top 10 cryptos in the past seven days, with a 20% jump. Investors believe that development around the cross-border payments project is imminent, most likely a resolution to Ripple’s two-year legal battle with the U.S. SEC. 

Ripple’s lawyers in recent days filed a letter to the judge to move things along. They pointed to a ruling in a separate crypto-related case involving Voyager Digital in which the judge shot down the SEC’s security claims, with the Ripple team saying it supports its “fair notice defense.” 

Roller Coaster Ride

Many in the XRP army are cautiously optimistic about the rally. After all, they’ve been taken on a roller-coaster ride, and the XRP price remains a far cry from its all-time high of nearly $4 reached in 2018. Nevertheless, XRP has clearly broken out from its downtrend as investors begin to see the glass half full.

Bitcoin Bump 

XRP’s rising tide has lifted all boats in the crypto market, including bitcoin. The biggest crypto has gained about 13% in the past week and is back on the radar of investors in the wake of a U.S. banking crisis that has roiled the financial markets. Institutions are once again intrigued by bitcoin’s role as a store of value with banks under duress and inflation showing little signs of abating anytime soon. 

XRP Doubters to Believers 

XRP has managed to turn doubters into believers. Messari CEO Ryan Selkis acknowledged that while he’s been critical of Ripple in the past, he’s now “more aligned with them than ever before.” 

He expects the blockchain company will win the SEC case and be given a chance to compete in digital payments on a global scale, saying, “demand is there!” 

With a market cap of $22 billion, It might be too soon to talk about an XRP flipping of any kind. Then again, stranger things have happened in crypto.

About the Author

Gerelyn is a cryptocurrency and blockchain journalist who has been engaged in the space since mid-2017 when bitcoin was embarking on its first major bull run

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