Ripple’s XRP is Gaining Steam, Up 73% Year-to-Date: Should We Aim for $0.9 Next?

The price of one Ripple (XRP) token has increased by 2.64%, to $0.5864. Although the recent surge has slowed, XRP is still positive in the medium term, gaining 5% per week and 12% each month. Impressive year-to-date gains stand at 73%. Many people believe that XRP now has unlimited potential. XRP is seeking a $0.9 objective to hit fresh ATH soon.

The cryptocurrency behemoth has just released a ground-breaking market report that provides an intriguing look at where things are in its epic legal battle with the powerful U.S. Securities and Exchange Commission (SEC), often known as the XRP case.

Significant Updates Inducing a Ripple Effect

This report examines in detail what happened after the SEC reached an astonishing judgement on October 19. On that tragic day, all allegations against Brad Garlinghouse, CEO of Ripple, and Chris Larsen, Executive Chairman of the company, were dropped “with prejudice.”

This action effectively puts an end to the allegations and precludes any further legal action against the named individuals. And with this final ruling, the trial that had been scheduled for April 2024 is now unnecessary.

Why is the Remedy Stage Important in Every Way?

The parties in this case are now moving onto the remedies phase of the proceedings. Here, the court will consider whether or not it should apply suitable remedies, in light of its earlier finding that some sales by institutions can be considered sales of securities.

Ripple has recently seen a streak of successes, including a landmark ruling on July 13 that definitively classified XRP as a non-security. This comes after a court on October 3 ruled against the SEC in an appeal.

Although Ripple continues to face legal hurdles in the United States, the company has made significant progress outside. Most significantly, the company recently reached a critical milestone by receiving a payment institution licence from the Monetary Authority of Singapore (MAS). This success is a reflection of Ripple’s efforts to expand its bitcoin payments business, particularly in East and Southeast Asia.

How will Ripple’s purchase of 892 million XRP influence the market?

Over 892 million XRP tokens were sold by Ripple in Q3 2023. They have 41.3 billion XRP locked up as collateral out of a total holding of 46.5 billion XRP. The report specified this split, with one set of tokens designated for operational use and another set of tokens held in escrow, with monthly withdrawals capped at one billion. The percentage of XRP traded on U.S. exchanges has increased to over 5% since trading started on July 13. There is a clear shift in the market for XRP from trading against traditional fiat currencies to trading against stablecoins like USDT.