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On Wednesday, the price of XRP skyrocketed as investors gained optimism that Ripple, a California-based technology company that runs the blockchain powered digital payment network, would prevail in its protracted legal battle with the U.S. Securities and Exchange Commission (SEC).
Ripple President Optimistic On SEC Case
Ripple’s president, Monica Long, stated in an interview on Wednesday morning that she is quite hopeful about finding a satisfactory resolution to the ongoing struggle with the SEC which has been stretching over three years now. She further added that, in her opinion, a resolution to the legal conflict will be reached at some point in the course of this year.
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Long expressed her belief that it was highly unlikely that the judge presiding over the SEC lawsuit case would rule in favor of the financial watchdog. She was quoted as saying:
I think it’s very unlikely, considering by our view both the facts and the law are on our side.
It’s possible that the vast majority of tokens out there in the broader crypto market would wind up being classified as securities if XRP were to be deemed as one. A pro-SEC ruling on the case would make every cryptocurrency a regulated financial instrument that would be subjected to SEC monitoring and scrutiny.
XRP Price Action
The price of XRP experienced a significant uptick today, climbing to new heights while making both investors and traders enthusiastic about its future course of movement. The optimistic outlook shared by the Ripple board and the overall bullish sentiment that has been driving the markets lately have been major contributors to the altcoin’s recent ascent — not seen in the past four months.
Although XRP has been facing severe resistance in the $0.44 price zone, a successful breach above the resistance level will propel the flagship cryptocurrency onto newer heights, considering Bitcoin maintains its strong momentum.
In light of this recent news, XRP is currently exchanging hands at $0.44 which represents a gain of 3.50% in the past 24 hours as opposed to a 22% jump recorded over the last seven days.
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