XRP Surges by 60%, Hinting at Insider Knowledge

XRP has captured the crypto community’s attention by surging past the $0.60 mark, marking an 11% increase in the last 24 hours alone. Over the past week, XRP has impressively risen by 38.10%, outpacing the broader bullish market. Among billion-dollar assets, XRP stands out with the highest seven-day price gain.

This is a remarkable achievement for an asset often labeled as an underperformer. As of now, XRP has reached a four-month high, exceeding $0.61. Given its value of approximately $0.38 just 12 days ago, XRP has rebounded by 60% in under two weeks. This rapid turnaround has ignited discussions about the factors driving this price surge.

Speculations On Insider Knowledge

Crypto commentator Alex Cobb suggests that insiders might have knowledge of upcoming developments, which could explain XRP’s sudden rise. Many in the community, including the Singaporean exchange Bitrue, echo this sentiment. Key among these developments is the anticipated settlement in the ongoing Ripple and SEC lawsuit and the judge’s final ruling in the case.

Does anyone know something about #XRP we don't? 🤫
— Bitrue (@BitrueOfficial) July 13, 2024

Recently, the SEC and Ripple have disputed the appropriate penalty for Ripple’s violation of securities laws. The SEC seeks a $2 billion fine, while Ripple argues for a $10 million penalty. Both arguments are currently under review by District Court Judge Analisa Torres. Legal experts expect a final judgment by July 31, with Ripple and the XRP community hopeful for a favorable outcome.

Potential Catalysts For Growth

The resolution of the Ripple and SEC lawsuit could significantly boost XRP’s growth. A favorable ruling would eliminate regulatory uncertainties surrounding XRP, potentially unlocking its full potential. This development could enable XRP to capitalize on the current bull run, making up for the lost ground from missing the 2021 bull run due to the SEC suit.

Moreover, the end of the lawsuit would pave the way for an XRP ETF launch in the U.S. Ripple CEO Brad Garlinghouse has frequently stated that an XRP ETF is inevitable.

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With regulatory clarity and XRP’s prominence in the crypto market, the asset is poised to deserve an ETF. Thus, the anticipated legal resolution is expected to further drive XRP’s momentum.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.