Why is the Ripple (XRP) Price Up Today

2023-10-23 08:44:40

TL;DR

XRP’s value surged to a two-week high of nearly $0.53 amidst a broader cryptocurrency market rally with a global cap exceeding $1.2 trillion.
Ripple achieved its third court win against the SEC, with CEO Brad Garlinghouse and utive Chairman Chris Larsen cleared of all charges.
A decisive trial in April could determine Ripple’s prolonged battle with the SEC, potentially influencing XRP’s price significantly.

Overall Market Rally

Ripple’s native token – XRP – has experienced another price increase in the past 24 hours. According to CoinGecko, the valuation spiked to a two-week high of almost $0.53, giving investors fresh hopes that a real bull run is just around the corner.

XRP Price, Source: CoinGeckoOne possible reason behind the surge could be the overall bullish sentiment and revival of the entire cryptocurrency market. The global market cap has surpassed $1.2 trillion, whereas leading digital assets like Bitcoin (BTC), Ether (ETH), Binance Coin (BNB), Solana (SOL), Polygon (MATIC), and many more are well in the green.

Ripple’s March Towards a Decisive Victory

Another factor that might play a role in XRP’s good performance lately could be Ripple’s third court win against the US Securities and Exchange Commission (SEC). Several days ago, the company’s CEO – Brad Garlinghouse – and utive Chairman – Chris Larsen – wereclearedof all charges brought by the regulator.

As such, it seems like Ripple has a major upper hand in the battle after previously a US Federal Judge ruled that the firm’s programmatic XRP sales from years ago did not constitute an offer of investment contracts and later dismissed the SEC’s wish to appeal the decision.

Many analysts and experts have predicted that the asset’s price might explode in the event of a final victory for the blockchain enterprise. A trial scheduled for April next year should determine the outcome of the lengthy battle.

Those willing to find out how high XRP could spike in the remaining months of 2023 could take a look at our dedicated video below:

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