Summary
- The legal battle between XRP and the Securities and Exchange Commission has taken a new turn.
- Despite the lawsuit, the individuals who hold XRP remain enthusiastic and are campaigning for the re-listing of this digital currency on exchange platforms.
Ripple continued with its resurgence today, with XRP prices climbing by 12.3% in 24 hours to trade at $ 0.557 at the time of going to press. XRP’s recent gains have seen it add 17.5% to its market value in a week. Despite still being entangled in a lawsuit against the Securities and Exchange Commission, XRP has now made the most gains in the past weeks among the top ten cryptocurrencies.
Institutional adoption of XRP
Ripple has been keen on establishing itself in Central Bank Digital Currencies (CBDCs). Through a recently-released whitepaper, Ripple has expressed interest in playing the intermediary role in connecting various CBDCs. The document highlights the significance of CBDCs in global financial services but notes that central banks have neglected their use. This is attributed to the prioritization of domestic financial markets.
In an encouraging development, the People’s Bank of China has expressed interest in promoting interoperability between different CBDCs. The head of the cryptocurrency research unit for the People’s Bank, Mu Changchun, recently emphasized the importance of interconnectivity for CBDCs. He was for the enabling of every CBDC to individually have its regulations that suit the domestic market but also allow for common protocols between different CBDCs.
Ripple’s resurgence seems to be on course even as the market awaits a ruling on the case versus the Securities and Exchange Commission (SEC). Many vital transactions with XRP tokens have been detected by Whale Alert, a digital currency tracking service. Over 80 million Ripple tokens worth more than $40 million have been transferred by Bitstamp and other digital currencies exchange platforms.
Individuals who hold Ripple have continued to praise the Ripple network amid the ongoing legal battle with the SEC. A sequence of online campaigns has been launched globally by XRP members to push for the relisting of XRP on the exchange platforms that had previously removed it from its platforms. This level of investor confidence will provide faster acceleration by XRP if the court rules in Ripple’s favor.
Despite its struggles with the US regulator, Ripple is still held in high regard by market analysts. Jason Simon, an expert in global trade and FinTech, has recently shared his views on Ripple as a payment option. Jason stated that XRP has proven to be efficient and low-cost in managing payments across borders.
Pac Global, a blockchain company located in the United States, recently declared that it is operating its node to verify transactions on the Ripple (XRP) Ledger. This has elevated the level of decentralization for Ripple.
Significant developments in the SEC lawsuit
As the case between XRP and SEC escalates, the SEC has recently stated that XRP is dissimilar to BTC and ETH. Jorge Tenreiro, a legal counsel, has asserted that Ripple is different from these top two digital currencies that were cleared by the Securities and Exchange Commission.
Additionally, the XRP lawyers wrote to Sarah Netburn, a Magistrate, stating that SEC had declined to hand over the documents classifying Bitcoin and Ethereum.
The lawyers described this as misjudging facts and being subjective about the results of the case. Furthermore, the lawyers stated that the BTC and ETH documents are relevant in the case against XRP. This is because these documents could help Ripple to find evidence that the SEC promoted confusion in the market with regards to Ripple.
XRP/USD technical outlook
XRP will find support at $0.534. The first support will be at $0.534, and with the Relative Strength Index (RSI) at 54. The bulls are likely to push the price to the first resistance at $0.562. A break past this point will see XRP prices testing the second resistance at $0.590.
