XRP News Today: XRP Skyrockets Over 17%, Here’s The Next Level

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As a researcher with a background in cryptocurrencies and a personal experience in following XRP news closely, I believe that the recent surge in XRP’s price is driven by a combination of factors. The potential launch of an XRP ETF, optimism surrounding the Ripple vs SEC lawsuit, and the one-year anniversary of the “XRP is not a security” ruling are all significant catalysts.

Latest on Ripple:: The value of XRP, Ripple’s native cryptocurrency, has experienced a significant increase of over 18% in just one week. This growth has allowed the asset to regain the significant resistance level of $0.5. The sudden price rise has ignited debate amongst market observers as to the underlying causes. Moreover, prominent XRP advocate and lawyer Bill Morgan, among other members of the crypto community, have expressed their reactions to today’s over 12% jump in value.

Let’s delve into the possible explanations for the current rise in cryptocurrency prices and examine where this trend might be leading us next.

XRP News Today: Why Is The Price Rising Today?

Ripple CEO Sparks XRP ETF Buzz

The excitement surrounding the prospect of an XRP ETF has been building steadily within the cryptocurrency community. Notably, CME Exchange has revealed plans to unveil new benchmark rates and live indices specifically for digital assets. This development has ignited widespread conjecture about a possible ETF launch.

As a crypto investor, I’m excited about the latest development in the Ripple ecosystem. Brad Garlinghouse, the CEO of Ripple, has praised this advancement, calling it the “first step towards institutional-grade crypto products.” Furthermore, there’s been a lot of buzz in the market recently regarding potential Ethereum Spot ETFs being launched in the US. With that in mind, investors are keeping an eye out for a similar development for XRP, Ripple’s native cryptocurrency.

Speculations Over Ripple Vs SEC Lawsuit

The ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC) is generating significant buzz in the financial markets. Recent developments, such as the SEC’s announcement of a private meeting scheduled for July 18, have fueled market speculation.

Based on reports from the XRP community, the upcoming meeting may center around possible resolution talks in the prolonged lawsuit between Ripple and the SEC. Furthermore, recent news of the SEC halting investigations against projects such as Paxos, Hiro, and others has added to market enthusiasm.

This could have also bolstered the confidence of the community toward the XRP price.

One Year Since ‘XRP Is Not A Security’ Ruling

As a crypto investor, I’m excited about the significance of July 13 in Ripple’s history. This date holds special meaning for the company and its community members, as it marks the moment when Judge Analisa Torres made a ruling that XRP is not classified as a security. This decision has generated quite a stir within the crypto market, and I’m eagerly watching to see how this development will unfold in the coming days.

Multiple Ripple leaders, which include Chief Legal Officer Stuart Alderoty and CEO Brad Garlinghouse, have shared their enthusiasm in recent communications about this significant milestone. In a recent blog post, Garlinghouse expressed his excitement.

July 13, 2023, was an exceptional day for Ripple and the industry at large. It holds a special place in my memory as well.

The positive outlook regarding the Ripple vs. SEC lawsuit may have contributed to the surge in cryptocurrency prices today, causing Ripple’s value to increase by over 12% within the past 24 hours.

Where’s XRP Price Heading Next?

Based on current positivity, XRP‘s price may surge higher. As per CoinGape Media’s latest price assessment, there’s a strong possibility that XRP could reach $5 by 2024 or the beginning of 2025 during the upcoming bull market.

As a researcher observing the current market trend, I’ve taken note of Bill Morgan’s recent actions regarding XRP. He’s been actively buying coins during this surge, having previously voiced his intention to buy-the-dip when the price dropped to $0.4 earlier in the month. Furthermore, he’s expressed his plans to acquire even more XRP if the price takes a dip further.

However, sharing the current price chart on X today, he expressed satisfaction with his earlier decision, saying he is “glad”. As of writing, the XRP price was up more than 12% and crossed the $0.51 level. Over the last seven days, the price has noted an increase of about 18%.

Based on information from CoinGlass, the open interest for XRP Futures contracts increased by over 24%, indicating a strong bullish sentiment in the market. Additionally, the crypto’s trading volume surged by approximately 73% within the past 24 hours, reaching a total of $2.02 billion.

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2024-07-13 11:09