Traders foresee an end to the legal dispute between the SEC and Ripple Labs.
Optimism from traders pushed payments-focused XRP token to the front of the market, beating bitcoin {{BTC}}, ether {{ETH}} and the broad-based CoinDesk 20 index in Asian trading hours.
XRP has risen 7% in 24 hours to over 64 cents, the highest point since March 25, amid a large scheduled token unlock and increased hopes for settlement of the long-running SEC Ripple lawsuit.
A Tuesday filing showed that the U.S. Securities and Exchange Commission (SEC) intends to amend its complaint against crypto exchange Binance, including with respect to "Third Party Crypto Asset Securities," which likely means that the Judge won't have to decide whether ten tokens such as Solana's SOL and Polygon's MATIC are unregistered securities just yet.
Although the filing did not name any token, traders are taking it to be a sign that the legal dispute between the SEC and Ripple Labs, which the regulator argues issued XRP, could be ending. Ripple and XRP aren't interchangeable. While Ripple is a fintech company focused on building a global payments network, XRP is an independent digital asset used for things like online payments and currency swaps.
Ripple is set to unlock 1 billion XRP, or $641 million worth at current prices, in August as part of a pre-determined unlock schedule .
In crypto circles, South Korean traders are known for pushing euphoric rallies on tokens, contributing to buying pressure and possibly influencing prices.
Earlier in July , XRP trading activity on local exchanges crossed those of usual leaders bitcoin and tether (USDT) stablecoins, contributing to a 20% rally in the tokens.
Get updates delivered to you daily. Free and customizable.
It’s essential to note our commitment to transparency:
Our Terms of Use acknowledge that our services may not always be error-free, and our Community Standards emphasize our discretion in enforcing policies. As a platform hosting over 100,000 pieces of content published daily, we cannot pre-vet content, but we strive to foster a dynamic environment for free expression and robust discourse through safety guardrails of human and AI moderation.
Comments / 0