XRP joined market uptrend today amid expectations of Ripple v. SEC summary judgment
There is an encroaching bullish trend in the digital currency ecosystem today with the combined crypto market cap soaring 3.93% to $1.12 trillion. XRP is taking advantage of this uptrend with its price currently set on a path for bullish reversal, considering its falls over the past few days.
XRP is currently priced at $0.374, up 2.43% over the past 24 hours and by 3.19% in the week-to-date period. For XRP, its growth has been largely slower than that of Bitcoin (BTC) or Ethereum (ETH), but by the current trend, a new level of optimism seems to be creeping in.
XRP’s fate over the past two years has been sealed in a vacuum as the lawsuit between blockchain payments firm Ripple Labs Inc and the United States Securities and Exchange Commission (SEC) showed varying developments that have further cast doubts on the future of the token in the hearts of its holders.
With high expectations for summary judgment, the lawsuit has now entered a wait-and-see era for members of the XRP community, some of whom believe a positive end to the lawsuit will fuel massive growth in the token.
Over the past few months, experts following the Ripple v. SEC case have highlighted that they believe the blockchain payments case against the regulator is solid and may fuel its winning in court.
Besides Ripple’s own in-house attornies, John Deaton and Scott Chamberlain have both shared different rationales for why they believe XRP is not a security and that the SEC’s claims are an overreach of regulatory powers.
With broad reassurances around, some XRP community members and influencers are advocating that traders should accumulate the coins ahead of the summary judgment. Besides the prospects of winning the lawsuit, there is a belief that the firm’s business is thriving in other high-growth regions, and this can power XRP’s growth in the long term.