XRP Price – XRP Leads Market Rally with 7% Gain, Driven by Optimism Over Ripple’s Legal Dispute
XRP Price – XRP, the payments-focused cryptocurrency, has surged by 7% in the past 24 hours, reaching a price of over $0.64, marking its highest level since March 25. This increase comes amid growing optimism among traders regarding the potential end of the prolonged legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). The XRP token outperformed major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and the broader CoinDesk 20 index during Asian trading hours.
Legal Developments and Market Impact
Recent filings have revealed that the SEC plans to amend its complaint against Binance, a prominent crypto exchange, concerning “Third Party Crypto Asset Securities.” This move suggests that the court may delay decisions on whether tokens like Solana’s SOL and Polygon’s MATIC are classified as unregistered securities. While the filing did not specify any tokens, traders interpret this as a potential sign that the SEC-Ripple lawsuit could be nearing resolution. It’s important to note that Ripple, a fintech company focused on global payments infrastructure, and XRP, its independent digital asset, are distinct entities.
Upcoming Token Unlock and Market Reactions
Ripple is scheduled to unlock 1 billion XRP, worth approximately $641 million at current prices, in August as part of a pre-planned unlock schedule. Although increasing the token supply might typically pressure the price downward, research suggests that such unlocks could enhance market liquidity and potentially boost existing bullish trends.
South Korean Demand Drives XRP Performance
Market data from CoinGecko highlights significant demand for XRP in South Korea. The XRP-Korean Won trading pair recorded a volume of $386.5 million, surpassing Binance’s XRP-USDT trading pair, which reached $352.5 million. South Korean traders are known for driving intense rallies in cryptocurrencies, which could contribute to the upward pressure on XRP prices.
XRP Trading Volume Surges
In July, XRP trading volumes on local South Korean exchanges exceeded those of major players like Bitcoin and Tether (USDT), fueling a 20% rally in the token. This surge in trading activity underscores the strong buying pressure and the influence of South Korean traders on XRP’s recent performance.
FAQ
What is driving the recent surge in XRP’s price?
The recent surge in XRP’s price is primarily driven by optimism that the legal dispute between Ripple Labs and the SEC might be coming to an end. Additionally, a large scheduled token unlock in August and increased demand, especially from South Korea, have contributed to XRP’s recent price increase.
How high has XRP’s price risen recently?
As of the latest data, XRP has risen to over $0.64, marking its highest price since March 25. This represents a 7% increase over the past 24 hours.
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