XRP, the digital asset of the Ripple network, has seen a significant surge in its price recently, rising by 20% over the past 24 hours. Analysts have identified three primary drivers of this price increase. Firstly, the widespread adoption of the XRPL decentralized blockchain technology is believed to have contributed to the increase in demand for XRP. The XRPL provides a digital payment data infrastructure for individuals and financial entities, and users are continuing to explore the potential of this technology in a bid to revolutionize the global financial system. Secondly, the recent partnership with the UK’s major charity non-profit organization, the Great Ormond Street Hospital Children’s Charity (GOSH), has also helped to drive the surge. Finally, the XRP community is excited about a potential win in the Ripple vs. SEC lawsuit.
The two-year-long legal battle between Ripple and the SEC has been a significant factor in determining the price of XRP over the past few years. The lawsuit, which accused Ripple of conducting an unregistered securities offering of XRP, has led to a massive decline in the value of XRP. However, the recent optimism surrounding the lawsuit has reignited the excitement around XRP, and the digital asset has seen a price increase of over 20% in the past 24 hours.
On March 6th, the District Judge, Analisa Torres, ruled on motions filed by both Ripple and the SEC in the lawsuit. According to reports, the judge disregarded some comments by expert witnesses from the upcoming summary judgment, underscoring there is no clear winner or loser in the case as she partly approved and denied the motions. Just recently, Ripple filed a Letter Notice of Supplemental Authority in the court to strengthen its defense. This letter contains a highlight of how Federal Judge Michael Wiles rejected an objection by the US Securities and Exchange Commission to Voyager Digital’s sale to Binance US in a separate lawsuit. The judge’s reasoning was that the objections lacked specificity, and he rejected the notion that the court had to figure out what aspects of Voyager’s VGX token might be considered to be aspects of a security. Many experts believe that this strengthens Ripple’s chance of victory.
Ripple pro lawyer John Deaton and Messari founder Ryan Selkis think this is a good move and increases Ripple’s chances of winning. Selkis, who has been critical of Ripple in the past, believes that this company should win the lawsuit, and the XRPL should compete fairly in the market. Deaton also agreed that this gesture should be celebrated, as both parties have been embroiled in a legal battle for two years.
Furthermore, the widespread adoption of the XRPL decentralized blockchain technology has also contributed to the increase in demand for XRP. The XRPL provides a digital payment data infrastructure for individuals and financial entities, and users are continuing to explore the potential of this technology in a bid to revolutionize the global financial system. This has led to a significant surge in XRPL adoption since February, causing an increase in demand for XRP.
Finally, Ripple’s recent partnership with the UK’s major charity non-profit organization, the Great Ormond Street Hospital Children’s Charity (GOSH), has also helped to drive the surge. This partnership focuses on helping children with cancer, and its success has been a significant factor in driving up the price of XRP.
In conclusion, the recent price surge of XRP has been driven by a combination of factors, including the widespread adoption of the XRPL decentralized blockchain technology, successful charity collaboration, and optimism surrounding the Ripple vs. SEC lawsuit. Despite the ongoing legal battle, XRP investors are optimistic about the future of the digital asset and believe that it has the potential to revolutionize the financial industry. Â Ultimately, time will tell if XRP can live up to these expectations and deliver on its promise of disrupting the global financial system.
