Ripple (XRP) has maintained its sixth position in the global cryptocurrency ranking amid its protracted legal battle with the Securities and Exchange Commission (SEC).
XRP Recent Price Performance
The cryptocurrency, trading around $0.57 hours before the SEC charged Ripple and two executives for conducting unregistered security offering in the United States, fell to $0.22. Several U.S.-based exchanges were forced to halt support for the coin.
XRP has since risen from the dust, following several developments in the case.
On different occasions, XRP had surged above $1 but has suffered slight correction amid the numerous unfavorable developments, including the upcoming cryptocurrency bill and the Russian invasion of Ukraine that rocked the cryptocurrency space.
At the time of this report, XRP is currently trading around $0.72. Following reports, it is down by 3.72% that President Joe Biden will be signing the long-anticipated cryptocurrency executive order.
Interestingly, XRP is up 7.84% in the last month as reports that the SEC lawsuit is expected to end by November 18 this year, court documents show.
“The document makes me feel more confident in my September summary judgment prediction. Ripple thinks [if] it wins the SEC case in September/October. Then this class action goes away due to collateral estoppel,” attorney Jeremy Hogan, a lawyer that has been covering the development of the lawsuit, said.
XRP Will Surge After Settlement?
With several reports suggesting that the case would end in a settlement in favor of Ripple, as Ripple CEO Brad Garlinghouse also gave a Hint a few days ago, many crypto enthusiasts expect that the cryptocurrency will surge tremendously once an official announcement is made. User activity for digital currency has continued to skyrocket.
XRP, which currently sits in the sixth position in the global cryptocurrency ranking, has a market capitalization of $34.5 billion.
Meanwhile, Ripple publicly criticized the Russian invasion of Ukraine and further joined other cryptocurrency enthusiasts to donate the sum of $1 million to humanitarian organizations providing relief to victims affected by the ongoing war.
Before the SEC suit, Ripple was the 3rd top crypto globally, just behind Bitcoin and Ethereum. Ripple was doing exceptionally well by partnering with top banks worldwide to move money fast. Before the lawsuit, there were possibilities and hope that XRP would cross ETH but the SEC lawsuit badly affected the token standing pushing him back to 6th place in the crypto ranking. But Ben Armstrong, a famous crypto trader with a Youtube following of 1.45M and a Twitter following of 795K, stated that Ripple’s XRP digital token would make holders rich after the lawsuit.
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This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
