Recent news regarding the conclusion of legal disputes between Ripple and the SEC has set the stage for a significant rise in XRP's price in the market.
Legal Closure Between SEC and Ripple
According to Stuart Alderoty, Ripple's Chief Legal Officer, both parties have chosen to withdraw their appeals in the ongoing legal dispute with the SEC. As a result, XRP has experienced a significant price surge, reaching $3.38, the highest value since July 23. These events occurred after Ripple agreed to pay a $125 million fine and comply with a regulatory ban on institutional XRP sales in the U.S.
XRP's Movement and Attention on BlackRock
XRP showcased notable recovery, rising over 24% from a local low of $2.72 on August 3. Increased demand from South Korean investors focusing on altcoins has been a catalyst for this growth. However, experts caution that news-driven price increases can quickly revert, and the future market behavior remains uncertain.
Growth Prospects and ETF
Investor interest is also focused on the potential emergence of an XRP-based ETF. Analysts believe BlackRock is waiting for the SEC's appeals to be withdrawn before submitting its application. Anticipation from the world's largest asset management firm is building, although further market moves are not solely dependent on one institutional decision.
The conclusion of the legal dispute between Ripple and the SEC opens up new opportunities for XRP. The market shows interest in a potential ETF, which could further support price dynamics.
