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Ripple’s native cryptocurrency XRP has once again caught momentum by shooting another 8% in the last 24 hours and is currently trading over $0.80 with a market cap of $41.68 billion. With today’s price surge, XRP is up by 66% on the weekly chart and is the fourth-largest cryptocurrency on the market.
While the broader cryptocurrency market has entered a consolidation phase, Ripple’s XRP has continued to outperform in this scenario. Last week, Judge Analisa Torres ruled that XRP, Ripple’s cryptocurrency, is not considered an investment contract or a security.
This decision had a big impact on the cryptocurrency market, leading to increased optimism and a surge in buying. As a result, many altcoins, including XRP, reached their highest values of the year.
Following the SEC ruling, the trading volumes for Ripple XRP shot up significantly. Over the last week, XRP’s trading volumes have also surpassed that of Bitcoin.
Judge Orders Ripple and SEC to Settle the Case
Earlier this week on Monday, Magistrate Judge Sarah Netburn, who now handles the case, ordered the US SEC and Ripple to a settlement conference. Judge Netburn instructed Ripple and the US SEC to coordinate and agree on three suitable dates for a settlement conference, but only if they believe it would be helpful at this point. It is important to schedule these conferences 6-8 weeks in advance due to the Court’s busy schedule.
“The Court will likely be unable to accommodate last-minute requests for settlement conferences, and the parties should not anticipate that litigation deadlines will be adjourned in response to late requests for settlement conferences,” noted Judge Netburn.
The optimism surrounding Ripple’s XRP has been growing very fast following the recent ruling on the court. Ripple is also exploring the use of its on-demand liquidity solution (ODL) for instant cross-border settlements, using XRP, in the United States.
Ripple’s General counsel Stuart Alderoty recently said that American banks could use Ripple’s ODL solution going ahead. “Hopefully this quarter will generate a lot of conversations in the United States with customers, and hopefully some of those conversations will actually turn into a real business,” he said.
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