TL;DR
XRPs value surged nearly 40% in a week, possibly driven by increased network transaction activity. Anticipation of a resolution in Ripples legal battle with the SEC may have also contributed to the recent price ascent.
The cryptocurrency market witnessed a significant comeback in the past few days, with numerous leading digital assets rising to multi-month highs. Bitcoin (BTC), for one, touched the $66,000 mark a few hours ago, while Ethereum (ETH) briefly surpassed $3,500.
Ripples XRP has performed even more impressively, with its price surging by almost 40% on a weekly scale. It is up 9% daily, hitting the $0.60 level for the first time since April.
XRP Price, Source: CoinGecko Its revival coincides with the resurgence of some important metrics part of its ecosystem. The total number of executed transactions, for example, exceeded 4 million on July 16, representing a six-month high.
The average number of transactions per ledger reached 204: a 250% increase compared to the figure observed at the start of the month.
More transactions on the XRP Ledger signal increased network use and utility, which could potentially lead to higher demand for the asset and further inflow of capital.
The increased expectations that the legal battle between Ripple and the US Securities and Exchange Commission (SEC) is drawing to an end could be another factor pushing XRPs value up.
The American attorneys Fred Rispoli and Jeremy Hogan are among those speculating that an official resolution could occur as early as this summer.
The lawsuit has been ongoing for over three and a half years, with some viewing the SEC as the underdog due to the three partial court wins secured by Ripple throughout 2023. Just over a year ago, Judge Torres ruled that its programmatic sales to secondary trading platforms do not constitute offers of investment contracts.
XRPs price skyrocketed by over 70% mere hours after the announcement. The asset reacted positively after the other two victories: when the magistrates dismissed the regulators intention to appeal the decision and when CEO Brad Garlinghouse and Executive Chairman Chris Larsen were cleared of all charges brought by the Commission.
Those curious to learn more about the specifics of the case and its potential impact on XRPs value, feel free to take a look at our dedicated video below: