XRP News Today: XRP Surges 6.57% as SEC Considers Withdrawing Appeal

XRP, the cryptocurrency associated with Ripple, has recently surged ahead of Bitcoin (BTC) and Ethereum (ETH) in terms of price performance. This surge comes as the U.S. Securities and Exchange Commission (SEC) is reportedly considering withdrawing its appeal in the ongoing legal battle with Ripple. The SEC had previously filed a lawsuit against Ripple, alleging that the company had conducted an unregistered securities offering through the sale of XRP.

This surge in XRP's price has been driven by a combination of factors, including renewed speculation around a potential BlackRock-backed XRP exchange-traded fund (ETF). This speculation has driven the price of XRP up by 6.57% in the past 24 hours, reaching $2.58. The potential approval of an XRP ETF could significantly increase the demand for XRP, as it would provide a more accessible and regulated way for institutional investors to gain exposure to the cryptocurrency.

The legal battle between the SEC and Ripple has been ongoing since December 2020, with the SEC alleging that Ripple had conducted an unregistered securities offering through the sale of XRP. Ripple, on the other hand, has argued that XRP is a currency and not a security, and that the SEC's lawsuit is an attempt to stifle innovation in the cryptocurrency industry. The outcome of this legal battle could have significant implications for the broader cryptocurrency market, as it could set a precedent for how other cryptocurrencies are regulated.

The potential withdrawal of the SEC's appeal could be seen as a positive development for Ripple and XRP, as it would indicate that the SEC is willing to engage in a more constructive dialogue with the company. This could pave the way for a resolution to the legal battle, which would provide much-needed clarity for the cryptocurrency market. However, it is important to note that the SEC has not yet officially announced its decision to withdraw the appeal, and that the outcome of the legal battle remains uncertain.

Moreover, the accumulation of whales has strengthened Ripple’s rally, generating good confidence in the market. There are 2,743 whale wallets that contain 47.32 billion tokens. At the same time, the price jumped by 26 per cent with whales grabbing more of it. This expansion testifies to strong confidence in long-term prospects of XRP. Whales continue to buy despite the end of an 80-week inflow streak in May. This pattern indicates that they anticipate increased prices and a good standing in the market in future.

Furthermore, the good condition of XRP arouses the desire of new interest in large investors. Thus it is a safer, more impulsive choice among a number of traders when there is uncertainty concerning regulation on the horizon. With SEC perhaps giving up its appeal, XRP may gain momentum more and reach bigger institutions.

Since 2020 XRP reputation has been formed as a result of the legal battle that Ripple is engaged with. Nevertheless, with the new developments this token represents a change of direction. Numerous experts forecast that in the nearest future, XRP might become one of the leading digital assets.

In the meantime, Bitcoin and Ethereum are fighting with macroeconomic forces. The position XRP is in presents it with an advantage against its larger competitors. XRP has received new strength and might overhaul the world of cryptocurrencies in 2021.