{"id":135769,"date":"2023-03-28T11:09:20","date_gmt":"2023-03-28T11:09:20","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=135769"},"modified":"2023-03-28T12:11:17","modified_gmt":"2023-03-28T12:11:17","slug":"xrp-pumps-25-on-weekly-chart-as-investors-confidence-grow-in-sec-vs-ripple-case","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/xrp-pumps-25-on-weekly-chart-as-investors-confidence-grow-in-sec-vs-ripple-case\/","title":{"rendered":"XRP Pumps 25% On Weekly Chart as Investors Confidence Grow in SEC VS Ripple Case"},"content":{"rendered":"

As the years long legal feud between Ripple Labs and the United States Securities and Exchange Commission (SEC) is nearing its potential conclusion, XRP<\/a> prices have skyrocketed, jumping more than 25% over the past one week.<\/strong> <\/p>\n

According to CoinMarketCap<\/a>,<\/strong> XRP is up 3,53% in the last 24 hours to trade at $0.48. Meanwhile, over the past seven days the cryptocurrency has jumped a staggering 24.22% as investors grow confident about the SEC case ruling.<\/p>\n

In a long-awaited feat, XRP has cleared the $0.45 level for the first time since November 2022. The recent price surge can be attributed to the buying pressure among investors who seem to be bracing up for a potential Ripple victory in the legal battle with the SEC.<\/p>\n

\"XRP<\/p>\n

Why XRP is Soaring?<\/h2>\n

Moreover, XRP witnessed a price rally as Ripple published a notice on March 20 that cited a recent US Supreme court ruling concerning Binance.US\u2019 bid to purchase collapsed crypto lender Voyager Digital. The judge had summarily rejected the SEC\u2019s claims to label Voyager\u2019s VGX token a \u2018security\u2019 and BinanceUS, an unregistered securities exchange.<\/p>\n

The recent Ripple notice has sent the positive perception surrounding XRP <\/span>as some in the community said the classification of major tokens\u00a0in the U.S. Commodity Futures Trading Commission (CFTC) filing against Binance could mean<\/strong> XRP tokens were commodities instead of a security<\/strong>, as alleged by the SEC. <\/span>Another reason <\/span>that may have contributed to the XRP rally is i<\/span>ts XRP Ledger network that has seen <\/span>fundamental upgrades<\/span> in the past few months. In a January tweet, Ripple CTO David Schwartz had said,<\/span><\/p>\n

“XRP is a raw good that trades in commerce and one XRP is treated as equivalent to every other XRP. That’s pretty much the definition of a commodity.”<\/span><\/em><\/p>\n

Social Media Interest Propells XRP Price<\/h2>\n

Additionally, according to a recent report by market intelligence platform Santiment, XRP\u2019s social media dominance has been on the rise since the beginning of the year.<\/strong> The crypto social volume indicator as reported by Santiment measures the total number of social media text documents that contain keywords related to a given cryptocurrency.<\/p>\n

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\ud83d\udc40 #XRPNetwork<\/a>'s social dominance is at its highest point in a year following the surge above $0.49 for the first time since Nov. 6. Added $XRP<\/a> crowd recognition means more volatile price swings caused by increased volume & mainstream interest. https:\/\/t.co\/bMT66JTwmT<\/a> pic.twitter.com\/pUIWe9vGKu<\/a><\/p>\n

— Santiment (@santimentfeed) March 27, 2023<\/a><\/p><\/blockquote>\n