XRP, the cryptocurrency from Ripple Labs, saw a significant increase in its value, reaching $3.34 on August 8 before slightly retreating on August 9. This rise coincided with the conclusion of the legal battle between Ripple and the SEC.
XRP Price Movement After Case Closure
XRP's price gained over 10% on Friday and increased over 12% for the week. This marks its highest point since late July and brings it within 10% of its record high of $3.65 set just weeks earlier. The legal battle with the SEC concluded with a joint filing confirming both parties have dropped their appeals. Ripple's legal head, Stuart Alderoty, stated that both sides filed with the Second Circuit Court to dismiss their appeals.
Korean Buyers Step In
A strong wave of buying activity has been reported on Korean exchanges. Analyst Dom noted that over 10 million XRP were purchased in less than half an hour after the lawsuit's resolution was announced. He remarked, 'Koreans are bidding like crazy after the $XRP Ripple lawsuit news, Binance is trailing behind.' After the initial burst of demand, traders began to open short positions in the perpetual futures markets.
XRP Market Cap Growth and Institutional Interest
With the recent price increase, XRP's market cap has risen to $195 billion, overtaking Uber’s valuation of $193.7 billion. This positions Ripple’s token among the largest digital assets by total market value. There is also growing attention from financial institutions in Asia, as Japan’s SBI Holdings has filed plans to launch a Bitcoin-XRP ETF, signaling further interest in the token outside of the U.S.
The surge in XRP demonstrates sustained interest from investors, and the conclusion of the SEC case may promote further growth and stability in the digital asset market.
