Here Are 3 Key Reasons Why XRP Price is on the Rise Today

XRP is on the bounce today after printing a 4% rise to retest the $0.5296 price, as the current growth course marks a major reboot for the coin.

The new rally being showcased now emphasizes the renewed optimism in the ecosystem because of three crucial news buyers are acting on.

Factors Driving XRP Growth

In what many pro-crypto lawyers had been predicting for some time now, the request for an Interlocutory Appeal from the United States Securities and Exchange Commission (SEC) has been denied by Judge Analisa Torres, as reported by The Crypto Basic.

1) The ruling from Judge Torres solidified her earlier rulings, which held that the sales of XRP on secondary marketplaces do not constitute a securities offering. Additionally, the ruling posited that all other distributions of XRP by Ripple Labs do not constitute an investment of money.

The ruling is important as it has now become the law of the land as far as the handling of XRP is concerned. Market bulls are now likely to be more confident should they acquire the coin from the exchanges that have listed it. 

The case also sets a precedent for the general crypto industry as many other prominent coins face related SEC crackdowns.

2) Another crucial factor driving XRP’s growth is the Ripple vs. SEC trial schedule that was recently released by the court. The trial, which focuses on the allegations the SEC brought on Ripple’s executives, Brad Garlinghouse and Chris Larsen, is set to commence on April 23, 2024.

3) Lastly, the resurgence of XRP might also stem from the more positive sentiment surrounding the full license approval of Ripple Labs by the Monetary Authority of Singapore (MAS).

The approval will now enable Ripple to expand its crypto services offering to institutions and businesses in the region, expanding its reach altogether. This approval and XRP’s potential role in the firm is also a major trigger that most proponents are banking on right now.

Is XRP’s Growth Sustainable?

Many might assume that the growth of XRP is not sustainable, considering the encompassing downturn that many altcoins are showcasing at the moment. 

Though the short-term performance might be subject to market momentum, the massive fundamentals in the XRP ecosystem might help guarantee sustainable long-term growth.

At the moment, the major developments have spiked XRP’s price by 4% with the volume up 90.49% to $1.68 billion and the market cap is up 3.93% to $28.2 billion respectively.