XRP is now sparking a significant sensation in the crypto community by reclaiming the long-lost $0.6 threshold after growing by 11% in the last 24 hours.
Over the past week, XRP has soared by an impressive 38.10%. Although it is not a solitary bull run, the broader market is bullish. However, XRP is currently outperforming the market.
XRP Pumping Heavily
Among the ranking assets with billion-dollar valuations, XRP stands at the top with the most substantial seven-day price gain, a rare feat for the asset mostly known for underperformance.
At press time, XRP has established a new four-month high above $0.61. Considering this asset was worth around $0.38 just 12 days ago, this implies that XRP has rebounded by 60% in less than two weeks.
This incredible turnaround has continued to spark discussion in the crypto community about what influences the price gain.
Do Insiders Know Something?
Crypto commentator Alex Cobb has suggested that XRP’s sudden rise may be indicative of insiders having knowledge of an impending development. This sentiment is widely shared among community members. Even the Singaporean exchange Bitrue has echoed a similar perspective.
Does anyone know something about #XRP we don't? 🤫
— Bitrue (@BitrueOfficial) July 13, 2024
Indeed, XRP is amid crucial impending developments that are potent enough to influence positive market sentiment.
Foremost among these is the highly anticipated settlement announcement in the ongoing Ripple and SEC lawsuit, as well as the judge’s final ruling in the case.
In recent weeks, Ripple and the SEC have engaged in a heated dispute over the appropriate fine for Ripple’s violation of securities laws. While the SEC is seeking a penalty of $2 billion, Ripple believes a $10 million fine is more suitable.
Both parties’ arguments are currently before District Court Judge Analisa Torres. According to legal experts, a final judgment from Judge Torres may emerge by July 31. Ripple and the XRP community anticipate a favorable outcome.
Notably, the impending resolution of the Ripple and SEC lawsuit could be a significant catalyst for XRP’s growth. Once the lawsuit ends, it will likely eradicate all perceived regulatory uncertainties surrounding XRP, potentially unlocking the asset’s full potential.
This could enable XRP to capitalize on the current bull run, making up for lost ground after missing out on the 2021 bull run due to the ongoing SEC suit.
Moreover, this development will further open the door for an XRP ETF to launch in the U.S. Ripple CEO Brad Garlinghouse has said in numerous interviews that an XRP ETF is inevitable. Supporting the bold view is that XRP has regulatory clarity and is among the most prominent crypto assets, making it deserving of an ETF.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
