In the past 12 hours, several major cryptocurrencies have experienced a downtrend or have flattened out. However, XRP, the native token of Ripple has not demonstrated such a trend. Instead, its trading price has experienced a significant surge, pushing its price higher.
A look at the price of XRP shows that it has experienced a 14% surge in the past 12 hours. Due to the push, the trading price of XRP has been pushed up to $0.37.
The reason why XRP has experienced a rally is because of the recent small victory Ripple has gained versus the US SEC. The battle between the US SEC and Ripple continues and it seems that Ripple is on the positive side this time.
The investors and the market observers are receiving the victories of Ripple at the court very well. Based on the recent victories, it can be suggested that the trading price of XRP may continue moving in a positive direction.
The Court Makes Critical Decision
Many developments are being observed in the SEC-Ripple lawsuit. For now, many observers are looking at the possibilities of two decisions being made about the lawsuit.
The first decision would be the issuance of the first ruling that is expected to come from Sara Netburn, the presiding judge. Her ruling will decide whether the documentation and emails pertaining to the 2018 speech from William Hinman will have attorney-client privilege’s protection or not.
The second decision is expected to come from Analisa Torres, the Magistrate Judge. Her decision will be regarding the filing of an amicus brief about Patrick Doody, the expert witness of the agency. The request for the amicus brief was made by John E Deaton.
The market observers expect to have these decisions come out by the end of the next week. Once these decisions are out, the final decisions surrounding the SEC-Ripple will be in sight.
Ripple is Getting Ready to Re-take its Spot
Prior to the lawsuit filed by the US SEC against Ripple, it was the third-largest cryptocurrency by market valuation. However, the claim made by the US SEC caused huge damp in the trading volume as well as the overall worth of XRP.
Since then, XRP has been struggling to stay above the negative zone, and turns out, that the supporters have helped it achieve its goal. Now, things seem to be going in favor of XRP and the situation seems to be getting better.
Therefore, Ripple, the company behind the launch of XRP is getting ready to retake its position in the cryptocurrency market.
Ripple has started opening up its offices in different parts of the world to increase its influence and coverage. The cryptocurrency platform has started its expansion with the opening of an office in Toronto, Canada.
As per the Ripple officials, the office will operate as an engineering hub that would work on the innovation of cryptocurrency. As per analysts, now is the perfect time for investors to buy XRP.
Going forward, XRP aims to use the 100x leverage tool offered by Bexplus. The users will also be gaining a 100% bonus when they deposit XRP for the leverage at Bexplus. With the injection of such features, XRP is planning to increase the profits generated from XRP to 1,000%.