XRP, the cryptocurrency created by Ripple, is surging on rumors surrounding the outcome of its long-running legal fight with the Securities and Exchange Commission.
The crypto is up 10% in the past 24 hours, according to Messari, trading at a five-month high of $0.5. XRP has jumped 46% in the past month.
The price surge follows news involving another top financial regulator, the US Commodity Futures Trading Commission, which filed a lawsuit against crypto exchange Binance and its founder Chang
Rumors have been circulating recently that suggest XRP-issuer Ripple might win its lawsuit against the SEC, which alleges XRP was sold as an unlicensed security. Some lawyers close to the case have publicly stated that they feel Ripple has an advantage.
If Ripple were to win, the price of XRP would surely surge. Traders could see the classification of cryptos as a whole change, with more legitimacy being given to the market.
Havryliuk added:
- “Bitcoin and Ethereum lead crypto market rally, up 6% and 4%”
- “XRP presents a low-risk investment opportunity with potential for high returns”