Ripple (XRP) is a digital currency developed by Ripple Labs, Inc. over a decade ago. It was created to provide a fast and efficient means of facilitating cross-border payments and transfers. Ripple operates on a decentralized blockchain infrastructure and leverages a consensus mechanism for transaction validation.
The parent company, also called Ripple, aims to transform the international financial system by enabling faster, dependable, and less expensive cross-border transactions. Although Ripple has been around for a while, there was much uncertainty about the crypto due to legal issues. But things may have taken a positive turn now.
Ripple (XRP) has gained attention in the news lately for its impressive performance in the last week, experiencing a rise of approximately 25% in value compared to earlier.
Nonetheless, the reason behind this upward trend can be linked to favorable advancements in its ongoing legal battle with the US Securities and Exchange Commission.
$XRP tokens surged more than 20% in the past 24 hours after reports of issuer @Ripple being well-placed to win its landmark case against the U.S. @SECGOV recently emerged.https://t.co/jp5RiU2g49 pic.twitter.com/rWiNYvzMOr— CoinDesk (@CoinDesk) March 22, 2023
Ripple received some encouraging news recently as it was able to secure a substantial victory in its legal dispute, instilling confidence among many individuals that the value of XRP could potentially increase even more in the upcoming days.
Nevertheless, Ripple's value could not sustain its positive momentum and has since declined, suggesting that market bears have gained control and are causing the weight to decrease. Ripple is currently valued at around $0.4430, which is lower than its worth a few days ago.
So let me get this straight, @Ripple is fighting the #SEC for 2 years now and nobody cares.@coinbase announces it's gonna fight the #SEC and all of a sudden everybody cares? This sector is still not mature.#GetTogetherAndBuild #DeFi— Dutch Coin King (@DutchCoinKing) March 23, 2023
Bitcoin and Ethereum, among other digital currencies, are not the only ones experiencing a drop in worth. This decline could be connected to the US Federal Reserve's release of a dovish statement on interest rates, resulting in ambiguity and instability in the market and causing a brief dip in Bitcoin's value.
Looking on the bright side, the decline in Ripple's worth may only be temporary, as notable transactions using Ripple have occurred recently.
Nonetheless, forecasting what will happen to Ripple's value in the upcoming days and weeks is challenging. It will rely on the result of the SEC lawsuit and how individuals respond to any news concerning it.
Ripple Stands by “Fair Notice” defense in Current SEC Legal Dispute: Impact on XRP Price
Ripple is currently entangled in a legal conflict with the US Securities and Exchange Commission (SEC), which has alleged that the firm sold unregistered securities.
Ripple has submitted a new document supporting its fair notice defense, referring to a prior case in which a court overruled the SEC's complaints about a comparable situation.
But Ripple’s opposition to the SEC’s motion for summary judgment on the fair notice defense clearly argues that Ripple sales involve no contracts and lack the essential ingredients that define the term investment contract. /2 pic.twitter.com/YlGiOJMfvb— bill morgan (@Belisarius2020) March 22, 2023
Simultaneously, Ripple's President, Monica Long, is optimistic that the legal dispute with the SEC will be settled positively and swiftly, perhaps even by the conclusion of this year.
Certain individuals speculate that traders will respond favorably to hearsay that the lawsuit has already been resolved. However, any advancement or development in the Ripple vs. SEC case can influence the value of XRP.
Bitcoin’s Impact on Ripples (XRP) Prices
Bitcoin, being the most significant cryptocurrency, can impact the value of other digital currencies, such as XRP. The price of XRP can be affected by Bitcoin's movements in the market. If the value of Bitcoin increases substantially, other cryptocurrencies like XRP may also experience a rise in their prices.
Conversely, if Bitcoin's price falls, other digital currencies may also decrease in value, including XRP. Moreover, the market's general feeling towards Bitcoin can also influence the price of XRP, as investors typically view Bitcoin as a gauge of the cryptocurrency market's overall condition. As a result, fluctuations in Bitcoin's price and market sentiment can further create a massive impact on XRP's price.
Over the last few days, the worldwide cryptocurrency market has surged, leading to a significant surge in Bitcoin's worth. This trend has been particularly apparent as some significant banks face obstacles.
Crypto Update 03/23/23 - minor correction in the wake of the Fed hike, 24-hour market change -1.65%, BTC dominance 46.1%, Total market cap $1.16 trillion #Bitcoin #cryptotrading #CryptoCurrencies @gvalan @DrFerdowsi @stanleychen0402 @quasagroup @mary_gambara @technicitymag pic.twitter.com/d5X21PgIgM— Faisal Khan (@fklivestolearn) March 23, 2023
Even though the rise in Bitcoin's value appears to be diminishing, the recent hike in US Federal Reserve interest rates has resulted in a drop in its worth. This is because higher interest rates can make the US dollar more attractive, prompting individuals to sell their Bitcoin to obtain dollars instead.
This may also have consequences for other cryptocurrencies, such as Ripple (XRP). When the value of Bitcoin decreases, other cryptocurrencies may also experience a decline in worth. Therefore, despite Ripple's strong performance on its own, it may still be influenced by fluctuations in Bitcoin's value.
If individuals are disposing of Bitcoin, they may also dispose of Ripple and other cryptocurrencies, reducing their values. Hence, the recent fluctuations in the Bitcoin market could affect Ripple's worth.
XRP Price So Far
XRP's value has been unstable in recent times, with significant variations caused by the ongoing legal conflict with the SEC and market circumstances. XRP experienced a sharp increase in value early in 2021, but it plummeted when the SEC filed a lawsuit against Ripple. Nonetheless, XRP's price bounced back after Ripple's win in court, but it has fluctuated due to market circumstances and updates on the lawsuit.
XRP is currently being exchanged at around $0.4486, which marks a growth of more than 25% within the past week. Nevertheless, it is challenging to forecast what could happen to XRP's value in the future since it relies heavily on the SEC case's verdict and how people respond to any updates on it. But, so far, the crypto has gradually achieved minor price improvement amid the legal battle against SEC.