XRP has experienced a 4.5% price increase, reaching above $0.52, signaling a bounce back from its recent low of $0.47. This surge comes amidst a broader recovery in the cryptocurrency market following a dip in prices on Thursday and Friday. The positive response from XRP holders can be attributed to a recent development in the ongoing legal battle between the SEC and Ripple Labs.
What you need to know: Judge Analisa Torres has granted the SEC’s request to file an expedited appeal regarding the direct sales of XRP by Ripple. Although XRP briefly tested the intraday lows after the announcement, it quickly regained momentum and surpassed the key threshold of $0.50. The market reacted favorably to the SEC’s motion of appeal, which essentially acknowledges that XRP itself is not considered a security.
The SEC’s filing highlighted that they did not argue the underlying asset of the investment contracts in question was necessarily a security. Furthermore, they stated that the underlying assets are merely computer code with no inherent value. This statement has helped boost XRP’s price, which had previously surged to nearly $0.94 in July following Judge Torres’ ruling.
Overall, XRP’s recent price increase reflects the market’s response to the SEC’s motion of appeal, indicating renewed optimism among investors.
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