Despite the ongoing lawsuit against Ripple Labs by the Securities and Exchange Commission (SEC), the XRP market has recently experienced a surge, outperforming the top 20 digital assets by market capitalization. According to the latest crypto market data, XRP traded around $0.58 on Wednesday, up approximately 24% in one week. This marks a significant increase in XRP price, which broke out of a multi-month logarithmic downtrend and is now retesting a crucial resistance level after rising to a ten-month high.
Although the Ripple vs SEC lawsuit has had a significant impact on the XRP market, with the uncertainty surrounding the case lingering, the market is still heavily bolstered by the success rate of Ripple Labs, particularly in its On-Demand Liquidity (ODL) technology. However, the XRP community has advocated for centralized exchanges to relist the asset for derivatives trading, including Coinbase Global. The community has also questioned why Jed McCaleb, former Ripple Labs co-founder, was not listed as one of the defendants in the SEC case, despite selling millions of XRP to the secondary market after receiving a hefty payout from Ripple.
Ripple (XRP) on bullish path
In recent news, market intelligence platform Santiment revealed that the XRP market has recorded a very high level of trader profit taking, which is at its highest ratio vs loss taking since August 2021. This suggests that XRP traders anticipate a price pullback from current levels before the rally continues. Meanwhile, Coinglass reported that over $11 million has been liquidated from the XRP market in the past 24 hours, with an approximately 81% short liquidation rate in the XRP market during the past 24 hours.
It’s worth noting that McCaleb is a high-profile figure in the Stellar Lumens XLM network, which Moneygram chose after defecting from Ripple. Matt Hamilton, a principal developer advocate at protocol labs, highlighted the fact that McCaleb’s name was never mentioned in the SEC case, despite being a significant player in the crypto industry. In response, John Deaton, a lawyer closely following the Ripple vs SEC case, referred to McCaleb as “crypto’s Teflon Don,” a famous American gangster.
As for the SEC case against Ripple Labs, Deaton recently noted that Judge Torres could issue a ruling on the case very soon, perhaps by next week. The XRP community anticipates a win, which may explain the recent breakout in the XRP market.
In summary, despite the ongoing SEC lawsuit against Ripple Labs, the XRP market has experienced a surge in price, outperforming other digital assets by market capitalization. The success rate of Ripple Labs in its ODL technology has heavily bolstered the market, although the community advocates for relisting on centralized exchanges. XRP traders anticipate a price pullback before the rally continues, while McCaleb’s role in the industry remains a topic of interest. Furthermore, the XRP community is optimistic about the potential outcome of the SEC case against Ripple Labs, as a ruling by Judge Torres could be issued very soon.
