According to information from CoinMarketCap, XRP has increased by roughly 15.98% over the past day and is currently trading at $0.3784.
Notably, XRP’s market value, which now stands at $18.9 billion, has increased by 15.55%, while its 24-hour trading volume, which now stands at $2.37 billion, has increased by 57.72%. It has had the most growth in the top 20 crypto assets by market cap.
It is important to note that a rumour of a settlement in the Securities and Exchange Commission action against Ripple circulated yesterday. However, the reasons behind the cryptocurrency’s price’s double-digit percentage increase as the crypto market rallies still need to be discovered.
Natalie Brunell, anchor of “HARD MONEY,” asserted on FOX Business on Monday that a settlement between the SEC and Ripple was expected to be reached today. According to the report, FOX Business journalist Eleanor Terret refuted the news as fake after speaking with a Ripple official.
Furthermore, Jeremy Hogan, a pro-Ripple attorney and host of Legal Briefs on YouTube, speculates that FOX might have reached this conclusion in light of his prior statements to the channel. Hogan claims he told the publication that if a settlement were to occur, it would be most likely between September 15 and November 15. However, the attorney argues that the media outlet might have misunderstood him.
In an attempt to make light of the news organization’s error, Hogan remarked that if he had known the settlement date, he would be in the Bahamas attempting to purchase Sam Bankman-Fried’s estate.
Remarkably, the term “Ripple and XRP” has been trending today, briefly topping Twitter trends with 5,387 messages.
Although the current rally’s price target is unknown, it is expected to run into resistance at $0.41.
Since December 2020, Ripple, the company behind the XRP Ledger and its native coin XRP, has been engaged in a lawsuit with the US Securities and Exchange Commission. Analysts predict that a successful outcome for the cryptocurrency payments company will significantly increase the price of XRP, which fell precipitously after regulators threatened Ripple with legal action. This is because it will once more permit US exchanges to list the token freely.