Ripple (XRP) Price Explodes to a Two-Month High: Bitcoin Rally to Blame?

2023-10-24 13:30:28

TL;DR

Ripple’s XRP experienced an 8% daily increase, reaching a two-month high of $0.58.
Positive legal outcomes, including Ripple’s CEO and utive Chairman being cleared of SEC charges and prior partial court wins, have fueled XRP’s performance.
The overall crypto market revival, especially Bitcoin’s rise with potential SEC approval for BlackRock’s BTC ETF, also influences XRP’s growth.

Ripple’s native crypto – XRP – has soared by approximately 8% in the past day and over 4% in the last hour to reach a fresh two-month peak of around $0.58 (per CoinGecko’s data).

The asset has been among the best performing in the entire cryptocurrency market lately, ed by several factors, such as the positive developments surrounding the lawsuit between the blockchain enterprise and the United Securities and Exchange Commission (SEC)

Most recently, Ripple’s CEO – Brad Garlinghouse – and its utive Chairman – Chris Larsen – wereclearedof all charges brought by the regulator, while the American magistratesformalizedthe process with a signature

Prior to that, the company secured a vital partial win in mid-July when Federal Judge Torres determined that the programmatic XRP sales from years ago did not constitute an offer of investment contracts. The SEC appealed the ruling, but its intentions were dismissed by the relevant authorities, granting Ripple a second victory in a row against its enemy.

XRP’s ongoing price rise could also be attributed to the overall crypto market revival that has reigned lately. Bitcoin recently reached the $35,000 level on expectations that the SEC is one step away from approving BlackRock’s application to introduce a spot BTC ETF in America

Numerous experts and even the AI-powered language model have suggested that the launch of such a product in the world’s largest economy could have a boosting effect on the primary cryptocurrency and the entire industry.

Recall that BTC hit an all-time high of almost $70K in November 2021, shortly after the watchdogapprovedthe ProShares’ Bitcoin Futures-backed ETF (dubbed BITO).

Those willing to see how high XRP could go during the last quarter of the year could take a look at our dedicated video below:

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