The native coin of Ripple has seen a weekly increase of over 18%, taking back the $0.5 major resistance level. Notably, this action has spurred conversations about possible causes for the recent spike. In addition, the pro-XRP legal expert Bill Morgan and the cryptocurrency community responded to today’s over 12% surge in price.
Now let’s investigate some of the possible causes of the most recent spike in the price of XRP and predict its future course.
Why Is Today’s Price Growing?
CEO of Ripple Boosts XRP ETF Interest
The community is in a frenzy due to the recent XRP ETF buzz. To put things in perspective, CME Exchange recently announced the launch of new cryptocurrency reference rates and real-time indices. This has increased rumors about a possible ETF introduction.
Furthermore, Brad Garlinghouse, the CEO of Ripple, has praised the development, calling it the “first step towards institutional crypto products.” Aside from the recent excitement in the ETF market surrounding the expected launch of the U.S. Spot Ethereum ETF next week, investors are keeping an eye out for a possible ETF for Ripple’s in-house cryptocurrency.
Rumors Regarding the Ripple v. SEC Lawsuit
Notable market traction has also been achieved by the Ripple v. SEC lawsuit. The U.S. SEC has scheduled a “close to the public” meeting for July 18, which has prompted speculation in the market due to the most recent XRP news.
The XRP community has speculated that the meeting’s main goal might be to reach a settlement for Ripple’s ongoing legal dispute. Furthermore, the SEC’s decision to end its investigation into a number of cryptocurrency projects, including Paxos, Hiro, and others, has recently increased market optimism.
This might have improved community sentiment regarding the price of XRP as well.
An crucial day for Ripple is July 13, as the company chief has stated in recent X postings. In background, the ruling by Judge Analisa Torres on July 13, 2023, that XRP is not a security has generated excitement in the larger cryptocurrency market.
A number of Ripple professionals, including as CEO Brad Garlinghouse and CLO Stuart Alderoty, have expressed confidence in honor of the momentous occasion. According to Garlinghouse, in a recent X post:
July 13, 2023, proved to be a very auspicious day for Ripple and the broader industry. And a fundamental memory for me personally!”
The cryptocurrency’s price has increased by more than 12% in the last day due to the excitement surrounding the Ripple v. SEC litigation.
In the meantime, pro-XRP attorney Bill Morgan, who had previously advocated for buy-the-dip, has taken note of the recent upsurge. He stated in an earlier X post that he increased the number of coins in his portfolio after the price fell to $0.4 earlier this month. Furthermore, he mentioned that if the price continues to drop, he would buy more.
But when he showed the price chart on X today, he said he was “glad” about his previous choice and expressed happiness. The price of XRP has increased by almost 12% and had crossed the $0.51 mark as of this writing. The price has increased by almost 18% in the past seven days.
XRP Futures Open Interest went up more than 24%, as per CoinGlass data, indicating the bullish energy that is currently permeating the market. In addition, the cryptocurrency’s trading volume increased by more than 73% to $2.02 billion in a single day today.