The legal battle between Ripple and the SEC is nearing its end, causing positive market reactions and increased interest in XRP.
Ripple's Legal Battle and Its Impact
Ripple and the U.S. Securities and Exchange Commission (SEC) have been engaged in a lawsuit since late 2020 over the claim that XRP is a security. The prevailing view is that the final verdict may favor Ripple, indicating the potential for XRP to achieve its full potential. Optimistic analysts include David Stryzewski, CEO of Sound Planning Group, who also speculates on the possibility of a future Ripple ETF.
XRP Shows Strong Market Demand
Ripple (XRP) is experiencing significant demand this week, with spot inflows reaching their second-highest level in the last 10 months. According to Coinglass, XRP inflows totaled $117.22 million in the last 24 hours, with a strong parallel demand in the derivatives market. Open interest rose by 20.77% to $6.69 billion, showcasing high interest levels in the cryptocurrency.
Future of XRP Price: What to Expect
The latest demand wave for Ripple (XRP) has driven significant price increases, breaking short-term resistance at $2.61 and reaching a new high of $2.89. Low selling pressure suggests holders remain optimistic about long-term prospects. However, the new high could also signal a potential correction if further selling pressure arises.
As the Ripple and SEC legal battle nears its end, interest in XRP grows, driving price increases. Investors are focused on potential future developments.
