XRP Prices Spiked 13%, Ripple's Case Against SEC Draws Closer
XRP Prices Spiked 13%, Ripple's Case Against SEC Draws Closer
The price of XRP tokens rose by 13% as Ripple’s court brawl with the US Securities and Exchange Commission (SEC) is expected to end.
In the past few days, the crypto coin has experienced a surge in enthusiasm as Ripple’s case with the American regulator heated up.
In 2022, SEC sued Ripple and its two executives, including CEO Brad Garlinghouse, accusing them of selling $1.30 billion in unregistered securities in the form of XRP coins, which the company argues is “not a security,” Fortune reported.
Instead of settling with the SEC, just like its other crypto entity peers, Kraken and BlockFi, Ripple decided to present its case to the court.
In doing so, it received massive support from different communities across the digital asset space, some accusing the SEC of “regulation by enforcement.”
Based on the hourly chart of Investing.com, the XRP token is currently trading higher by 2.67% to $0.51260 over the past 24 hours and rising by 8% over the last week.
On the contrary, the top crypto coins by market cap, Bitcoin and Ethereum, were declining by 2.42% to $27,173.00 and 2.22% to $1,867.29, respectively.
Adding to XRP’s bullish momentum is the significant spike in daily active addresses in the blockchain, according to Santiment’s tweet.
Recently, Ripple’s native token has seen its second-largest address activity day in its history, with more than 490,000 addresses actively engaging with the network.
Last week, eight of the most popular investment products that track crypto assets saw outflows of more than $39 million. During the period, the allocations to XRP rose by $100,000 and have gone up by $3 million since 2023 started, NewsBTC reported.
