Summary
- XRP recently surpassed its highest level since April, reaching the $0.50 mark.
- Ripple’s court battle with the SEC appears to be nearing its resolution.
- CEO Brad Garlinghouse anticipates that the case will reach a conclusion within “weeks, not months.”
XRP Breaks Through $0.50 Barrier
XRP has recently achieved a significant milestone, surpassing its highest level since April. On Tuesday morning, XRP broke through the $0.50 threshold, reaching its highest level since April, only to retreat shortly afterward. Prior to midday, the coin exhibited a modest 3.5% increase, hovering around the 49-cent mark. Over the past week, XRP has experienced an impressive surge of nearly 8%, finally breaking through the elusive $0.50 barrier after several weeks of failed attempts.
Price Movement of Bitcoin and Ethereum
Meanwhile, Bitcoin, as of Tuesday’s midday point, witnessed a minor decrease of less than 1%, settling at $27,332, while Ethereum saw a modest uptick of 0.35%, reaching $1,903.
Ripple vs SEC Legal Battle
The highly-anticipated courtroom clash between Ripple and the Securities and Exchange Commission (SEC) appears to be nearing its resolution and Ripple CEO Brad Garlinghouse predicts that it will end in “weeks not months” .In 2020 ,the SEC ,led by Chairman Gary Gensler filed a lawsuit against Ripple ,alleging that they had sold unregistered securities amounting to 1$.3 billion in form of XRP tokens .However ,Ripple contests this characterization and opted for court settlement instead of negotiation with SEC .This decision has been backed by industry players who accuse Gensler and his team for resorting to “regulation by enforcement” approach .
Impact on Price if Court Ruling Does Not Favor Ripple
If court ruling does not favor Ripple in this dispute ,it could have significantly negative impact on price pushing it below 50 cents mark once again .< h2 > Conclusion In summary ,XRP has recently broken through its 50 cents barrier after experiencing an impressive surge over last week but all eyes are now set on upcoming court ruling which is anticipated to be out within few weeks .The outcome will determine whether recent gains can be sustained or not