Because of the increased social involvement from the top officials, cryptocurrency traders have considerably changed their attention to XRP, which is the sixth largest digital asset.
The surge in the price of XRP on Wednesday, which has been dubbed the “Messari Pump,” occurred after the cryptocurrency gained more than 20 percent in value during the day. This increase occurred (1) in response to the optimism of traders with respect to the SEC case.
On Wednesday, the daily traded volume of the XRP token skyrocketed by more than 38.16 percent, reaching over $2,860,017,586, as indicated by market statistics provided by Coinmarketcap (2).
The XRP market, on the other hand, has lost some of its earlier day’s upward momentum, risen 4 $ in the last 24 hours to trade at around $0.43.
In addition, the overall amount of trades has decreased by nearly 37 percent and stood at approximately $2,910,342,971 on Thursday.
Despite this, members of the XRP community expressed their joy as the digital asset reversed a downward trend that had lasted for several months and had begun in the middle of April 2021.
Since the Bitcoin market experienced its fair share of a breakout during the previous week, it is anticipated that the amount of cryptocurrency trading will increase in large-cap altcoins such as XRP, Cardano (ADA), and Dogecoin (DOGE).
The XRP Community Remains Confident Despite the SEC Complaint
The XRP community pays close attention to the latest Ripple news update in order to better comprehend the market environment. The continuing case between Ripple and the SEC is getting closer and closer to being resolved. Therefore, everyone’s attention is currently focused on the approaching summary decision.
Noticeably, Ripple lawyers on the SEC court case mentioned that the federal district judge from Manhattan, Analisa Torres, might make a crucial judgment in the days ahead on the preliminary injunction, which could give either Ripple or the SEC a victory.
The case involves a lawsuit brought against Ripple by the Securities and Exchange Commission.
In addition, the attorneys contended that the court could order the case to trial, which would delay the industry’s ability to obtain the required regulatory certainty.
SEC intends to file charges against Coinbase Global Inc for offering unregistered securities through its listing and staking program.
Despite the fact that the exchange delisted the digital asset from its trading platforms, the XRP community has not expressed satisfaction with the SEC’s wells notice.
Notwithstanding the fact that the regulator was successful in the LBRY case, the Ripple team is hopeful about achieving a significant victory over the SEC.
In an interview with CNBC on Wednesday, Monica Long, president of Ripple and leader of the company’s marketing team, stated that she is “extremely hopeful” that a satisfactory settlement to the SEC case can be reached, with a conclusion for the case likely “sometime this year.”
Particularly noteworthy is the fact that Long stated there is an extremely remote possibility that Judge Torres will find in favor of the SEC, given the current evidence.
Many in the cryptocurrency and blockchain industries in the United States have referred to the XRP case as a major watershed moment in the sector. In addition, if unregistered securities are considered to be XRP, then practically all other cryptocurrencies will be categorized in the same way.