Speculations around Ripple Vs. SEC case drives XRP price up

• XRP surges by 20 percent in the last 24 hours amid the two-year long lawsuit.

• Analyst mentions three drivers causing the XRP price surge.

XRP is in a bullish trend as the asset surged by 20 percent in the last 24 hours, sending the price to $0.457475. In the last seven days, the price has surged by 21 percent to move its market cap from $20 billion to $25 billion. According to analysts, three primary drivers are behind the rally.

Some drivers of XRP price

Firstly, XRP is said to have recorded a widespread adoption of its XRPL decentralized blockchain technology. Market researcher Messari explains that the XRPL provides a digital payment data infrastructure for individuals and financial entities. Since February, the XRPL adoption has seen a significant surge causing an increase in demand for XRP. Users continue to explore the potential of XRPL in a bid to revolutionize the global financial system, and could even send the price higher on the price curve.

Another reason for the rally has been the recent partnership with the UK’s major charity non-profit organization, the Great Ormond Street Hospital Children’s Charity (GOSH), which focuses on helping children with cancer. 

Finally, the XRP community is very excited about a win in the Ripple v. SEC lawsuit. On March 6, the District Judge, Analisa Torres ruled on motions filed by both parties. According to reports, the judge disregarded some comments by expert witnesses from the upcoming summary judgment. She underscored no clear winner or loser in the case as she partly approved and denied the motions.

Ripple V. SEC case update

Just recently, Ripple filed a Letter Notice of Supplemental Authority in the court in a bid to strengthen its defense. The 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. This was after the Agency had argued that Voyager’s VGX token had aspects of security. However, it did not specify the aspects. 

I reject the contention that the Court, and the Debtors, somehow were supposed to figure out for themselves just what ‘aspects’ of the VGX token might be considered to be aspects of a ‘security,’ or just what particular activities of Binance.US allegedly could raise registration issues, and then somehow to offer evidence and legal argument on those points.

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Ripple pro lawyer John Deaton and Messari founder Ryan Selkis, believe that this is a good move as it increases Ripple’s chance of victory. Selkis also admitted that he has been more aligned with Ripple despite being critical of them in the past. According to him, Ripple should win the case and the XRPL should compete fairly in the market. Selkis has in the past questioned Ripple’s transparency, and XRP’s value proposition, and even accused them of potentially fraudulent conduct.

Deaton believes that this gesture should be celebrated.

Ryan’s leadership and example here should be celebrated b/c we don’t have the luxury of being able to fight each other over disagreements when innovation comes under attack from an overreaching out of control regulator/government. Let the market decide the winners from the losers.

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