Here are some possible reasons why the interest in XRP has been rising lately.
- According to Google data, Ripple’s native token has recently enjoyed a rise in worldwide interest, in addition to charting double-digit weekly price gains.
- The ongoing legal battle between Ripple and the SEC may be nearing a resolution, with some experts predicting a settlement before the end of the summer.
XRP’s Achievement
Ripple’s XRP has been making the headlines lately due to its price appreciation in the past week or so. It spiked to a nearly four-month high of over $0.63 on July 18 before retracing to the current $0.60.
The token’s weekly surge is around 12%, thus outperforming Bitcoin (BTC) and Ethereum (ETH), whose gains for the same period are 6% and 3%, respectively.
Aside from these impressive increases, Ripple’s native token has garnered the attention of retail investors. Data from Google Trends shows that the “Ripple (XRP)” searches have surged in the past two weeks, perhaps due to the price increase, and have been dominating the queries for “Ethereum (ETH)” for nearly a month.
The countries most intrigued by XRP are Australia, South Africa, Belgium, Cyprus, and Switzerland.
It is worth noting that the interest in ETH has been going up in the past few days and might soon reverse the current trend. A contributing factor for such a potential development could be the official launch of spot Ethereum exchange-traded funds (ETFs) in the United States and the hype surrounding the initiative.
The five products to begin trading today (July 23) are 21Shares Core Ethereum ETF, Fidelity Ethereum Fund, Invesco Galaxy Ethereum ETF, VanEck Ethereum ETF, and Franklin Ethereum ETF.
The Ripple v SEC Lawsuit
Another element possibly fueling more interest in XRP is the progress of the legal battle between Ripple and the US Securities and Exchange Commission (SEC) and the rumors of an upcoming resolution.
The entities have been confronting each other for over three and a half years, with the case entering its trial phase in April. While its official end could be prolonged indefinitely due to possible appeals from both sides, some individuals suggested an outcome could be just around the corner.
The American attorney Fred Rispoli set July 31 as a possible settlement date, while Jeremy Hogan believes the news might be announced before the end of the summer. Ripple’s CEO – Brad Garlinghouse – chipped in, too, saying a resolution is “very near:”
“The ruling has been clear from the judge. There is one final piece about these investment contracts sold to institutions. We expect a resolution very soon, but we can’t predict exactly when the judge will rule there.”
Those curious to learn about the case’s specifics and how it may impact the price of XRP, please check our dedicated video below:
Source: www.cryptopotato.com