XRP Seen To Regain Solid Grounds
XRP is now overtaking Cardano and Solana in market cap. The price of XRP is seen to return to the $1 mark over the next few weeks, market observers said.XRP total market cap is at $38.87 billion in the daily chart | Source:
Related Reading | Ripple Had Its Strongest Year Ever Despite The Sec’s “Attack On Crypto”
Optimism On Lawsuit Victory Causes Spike?
XRP is being (allegedly) marketed as an unregistered investment by Ripple, according to the U.S. Securities and Exchange Commission. They believe that Ripple’s platform is not decentralized based on its involvement in financing the company. XRP is rallying more than 30% in the last week following an order by a federal court judge in New York to open the documents. There is a growing anticipation the sealed documents would show the crypto company received legal advice from an outside law firm stating XRP were not securities. In 2020, the SEC sued Ripple, claiming that is not a currency but a security, subject to stringent securities laws. According to Reuters, U.S. District Judge Analisa Torres of Manhattan has ordered that the documents be unsealed on February 17. Once made public, these papers will demonstrate that Ripple received legal advice in 2012 concluding that XRP was not an investment contract, Stuart Alderoty, Ripple General Counsel, disclosed. In spite of XRP trading in a global market, it has taken the SEC eight years to suggest that they disagreed with that analysis, Alderoty points out. Despite the lack of concrete results in the SEC vs. Ripple showdown, these events have nonetheless been a boom for XRP hodlers. Therefore, the recent news is being interpreted as a fundamentally bullish event — and speculators are returning to XRP in droves.Related Reading | XRP Builds Momentum With 7% Increase As Ripple Launches New ODL Partnership
Featured image from Global Crypto News, chart from TradingView.com