Ripple (XRP) is a digital currency that has recently made headlines due to its strong performance over the past seven days, with an increase of about 25%.
However, this upward trend can be attributed to positive developments in its ongoing case with the United States Securities and Exchange Commission.
$XRP tokens surged more than 20% in the past 24 hours after reports of issuer @Ripple being well-placed to win its landmark case against the U.S. @SECGOV recently emerged.https://t.co/jp5RiU2g49 pic.twitter.com/rWiNYvzMOr
— CoinDesk (@CoinDesk) March 22, 2023
Ripple recently received some positive news when it won a significant portion of its court case, which gave many people confidence that the price of XRP might rise even further in the coming days.
However, the price of Ripple failed to extend its gains and has subsequently dropped, indicating that the bears have taken control of the market and are driving the price down. Ripple is currently trading at $0.4430, which is lower than it was a few days ago.
So let me get this straight, @Ripple is fighting the #SEC for 2 years now and nobody cares.@coinbase announces it's gonna fight the #SEC and all of a sudden everybody cares? This sector is still not mature.#GetTogetherAndBuild #DeFi
— Dutch Coin King (@DutchCoinKing) March 23, 2023
It’s not just XRP, but other digital currencies such as Bitcoin and Ethereum are also experiencing losses in value. This may be attributed to the release of a dovish statement from the US Federal Reserve regarding interest rates, which generated some uncertainty and volatility in the market, causing Bitcoin’s price to momentarily dip.
On the positive side, the losses in Ripple’s price may be temporary due to recent large transactions using Ripple.
However, it is difficult to predict what will happen to Ripple’s price in the coming days and weeks. It will depend on the outcome of the SEC lawsuit and how people react to any news about it.
Ripple Defends Fair Notice Defense in Ongoing SEC Battle: Impact on XRP Price
Ripple is currently embroiled in a legal battle with the United States Securities and Exchange Commission (SEC), which has accused the company of selling unregistered securities.
Ripple has filed a fresh filing in support of its fair notice defense, citing a previous case in which a court dismissed the SEC’s objections regarding a similar circumstance.
But Ripple’s opposition to the SEC’s motion for summary judgment on the fair notice defense clearly argues that Ripple sales involve no contracts and lack the essential ingredients that define the term investment contract. /2 pic.twitter.com/YlGiOJMfvb
— bill morgan (@Belisarius2020) March 22, 2023
Meanwhile, Ripple’s President, Monica Long, is hopeful that the legal battle with the SEC will be resolved positively and quickly, possibly even by the end of this year.
Some people believe that traders will react positively to rumors that the case has already been settled, but any progress in the Ripple vs. SEC case can impact the price of XRP.
Impact of Bitcoin’s Value on Ripple (XRP) Prices
The global cryptocurrency market has been gaining momentum over the past few days, and in turn, the value of Bitcoin has been increasing dramatically lately. This has been especially true since a few major banks have faced challenges.
Crypto Update 03/23/23 – minor correction in the wake of the Fed hike, 24-hour market change -1.65%, BTC dominance 46.1%, Total market cap $1.16 trillion #Bitcoin #cryptotrading #CryptoCurrencies @gvalan @DrFerdowsi @stanleychen0402 @quasagroup @mary_gambara @technicitymag pic.twitter.com/d5X21PgIgM
— Faisal Khan (@fklivestolearn) March 23, 2023
Although the upticks in Bitcoin’s value seem to be fading, the recent increase in US Federal Reserve interest rates has caused its value to fall. This is because higher interest rates can make the US dollar more appealing, leading people to sell their Bitcoin to earn dollars instead.
This can also have an impact on other cryptocurrencies like Ripple (XRP). When the value of Bitcoin goes down, other cryptocurrencies can also lose value. So, even though Ripple might be performing well on its own, it could still be affected by changes in Bitcoin’s value.
If people are selling Bitcoin, they might also sell Ripple and other cryptocurrencies, leading to a decrease in their prices. Therefore, the recent fluctuations in the Bitcoin market could potentially have an impact on the value of Ripple.
Currently, XRP is trading at $0.4486, which has increased by over 25% in the last seven days. However, it is difficult to predict what will happen to XRP’s price in the future, as it depends on the outcome of the SEC case and how people react to any news about it.
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