According to CoinGecko’s statistics, XRP, the native cryptocurrency of Ripple, has increased by about 8% in the last day and more than 4% in the last hour, reaching a new two-month high of almost $0.58.
Due to a number of variables, including the favourable developments surrounding the litigation between the blockchain firm and the United Securities and Exchange Commission (SEC), the asset has recently been among the best performing in the whole cryptocurrency market.
Is the Two-Month High for Ripple (XRP) Due to the Bitcoin Rally?,Is the Two-Month High for Ripple (XRP) Due to the Bitcoin Rally?
The procedure was officially signed by American magistrates after Ripple’s CEO, Brad Garlinghouse, and Executive Chairman, Chris Larsen, were recently exonerated of all allegations presented by the regulator.
Before that, in mid-July, the business achieved a significant partial victory when Federal Judge Torres ruled that the sales of programmatic XRP from previous years did not qualify as an offer of investment contracts.
The SEC attempted to appeal the decision, but the competent authorities rejected its arguments, giving Ripple a second consecutive win over its adversary.
The current surge in the price of XRP may possibly be related to the general recovery of the cryptocurrency market. Recently, Bitcoin surged beyond $35,000 on speculation that BlackRock’s proposal to launch a spot BTC ETF in the US is just one step away from being approved by the SEC.
The introduction of such a product in the greatest economy in the world, according to a number of experts and even the AI-powered language model, may benefit not just the leading cryptocurrency but the whole industry.
Remember that in November 2021, just after the watchdog authorised ProShares’ ETF backed on Bitcoin Futures (named BITO), the price of bitcoin reached an all-time high of about $70K.
Is the Two-Month High for Ripple (XRP) Due to the Bitcoin Rally?,Is the Two-Month High for Ripple (XRP) Due to the Bitcoin Rally?,Is the Two-Month High for Ripple (XRP) Due to the Bitcoin Rally?, Ripple coin Crypto news, Ripple coin News