XRP Soars 18%, Community Cheers! Is Ripple vs. SEC Finally Ending?

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Ripple’s native cryptocurrency, XRP, has surged by over 18.8% this week, reclaiming the crucial resistance level of $0.52. This significant rise has ignited discussions about the driving forces behind the recent price movement.

Recent actions by the SEC, coupled with potential government pressure, have fueled speculation that the investigation into Ripple might soon reach a conclusion. Could this signal that XRP will finally be classified as a non-security?

Dive deeper to find out why XRP is making headlines and what it might mean for the future of the token.

Why Is XRP Pumping?

In a recent tweet, prominent crypto influencer Wise Advice highlighted this extraordinary price surge, suggesting that the SEC may be on the brink of ending its investigation into Ripple, the company behind XRP.

Glad I did https://t.co/7HiDRFVw59 pic.twitter.com/WXWuIA3yTE

— bill morgan (@Belisarius2020) July 13, 2024

Wise Advice noted that the SEC in the past three weeks, the SEC has ended its investigations into several other crypto firms, including Consensys, Paxos, and Hiro. This pattern indicates a broader shift in the SEC’s approach toward the cryptocurrency sector.

This development has led to speculation that the Biden administration may be encouraging the SEC to ease its scrutiny on the crypto industry.

Understanding the XRP Price Impact

According to Wise Advice, XRP’s recent price spike is a direct consequence of these regulatory changes. He believes that increased pressure on the SEC could extend to Ripple, potentially leading to the end of the investigation and a ruling that XRP is not a security.

Given XRP’s well-established status and its large, dedicated community, there is growing optimism that the SEC might conclude its investigation into Ripple. If the SEC officially declares XRP a non-security, it would be a monumental victory for Ripple and could further boost XRP’s price and adoption.

Pro-XRP Advocates Weigh In

Recently, when XRP was trading around $0.39, pro-XRP lawyer Bill Morgan shared his “buy-the-dip” strategy in a tweet, revealing that he had acquired more XRP at just over $0.40. Sharing the current price chart, Morgan expressed satisfaction with his decision, stating he was “glad.” He also mentioned that he would consider acquiring more if the price dips further.

Glad I did https://t.co/7HiDRFVw59 pic.twitter.com/WXWuIA3yTE

— bill morgan (@Belisarius2020) July 13, 2024

As of now, XRP’s price has increased by over 12%, surpassing the $0.52 level. Over the past week, the price has risen by approximately 18.8%.

Also Read: Is Ripple on the Brink of Victory Against SEC: What’s Next for XRP?

Could this be the turning point for XRP? Only time will tell, but one thing’s for sure: the future of Ripple and its token is looking brighter by the day!