Ripple Rips 31%
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Ripple’s XRP skyrocketed by 31%, defying the ongoing legal battle with the US Securities and Exchange Commission (SEC).
The surge came despite the SEC continuing its appeal against the 2023 court ruling that largely favoured Ripple, in which a judge determined that XRP was not a security when sold on public exchanges.
While regulatory uncertainty still looms, investor sentiment turned bullish amid speculation that upcoming changes in the SEC’s leadership could result in a more lenient stance on cryptocurrency regulation.
Adding to the momentum, fresh economic data revealed that inflation was lower than anticipated, easing fears of prolonged high interest rates.
This macroeconomic development fuelled optimism across financial markets, particularly in the crypto sector, where investors often react positively to signals that could support broader adoption and investment in digital assets.
The rally in XRP also coincided with a broader upswing in the cryptocurrency market, as traders interpreted the recent inflation report as a sign that the Federal Reserve might slow down or halt future rate hikes.
This environment has historically been favourable for riskier assets, including cryptocurrencies.
Despite the positive momentum, XRP’s future remains tied to the outcome of its legal battle with the SEC.
While investors are hopeful for a resolution that benefits Ripple, the uncertainty surrounding the case could still lead to volatility in the coming months.
However, if regulatory pressures ease and market conditions remain favourable, XRP could continue its strong upward trajectory.
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HBAR, which is XRP’s up and coming rival that tends to move in tandem on the charts is also up around 30%. It will be interesting to see if it can sustain this momentum…I know how easy it is to get carried away but a correction often looms right around the corner.
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