The price of XRP, the native token of the XRP Ledger, has surged by more than 85% this year amid a wider cryptocurrency market recovery, to now trade at $0.62 per token, below its year-to-date high of around $0.95.
According to available market data, XRP hit its high for the year after US Federal Judge Analisa Torres determined that the XRP token “is not necessarily a security on its face.” In 2020, Ripple faced a lawsuit from the SEC for supposedly breaching U.S. securities regulations by selling XRP without first registering with the agency.
Judge Analise Torres determined that XRP was indeed a security when Ripple initially sold it to institutional investors, but not when it was sold to the general public.
Judge Torres’ primary reasoning was that institutional investors who purchased XRP from Ripple likely understood that it possessed certain characteristics of a security. However, this information was not necessarily available to those who acquired XRP through cryptocurrency exchanges.
Now, cryptocurrency analyst Egrag Crypto has suggested that in a “maximum of 55 days” XRP could surpass its $0.95 high to target $1.2 ahead of Bitcoin’s upcoming halving event, as per his words XRP “usually crawls like a snail until it transforms into a rocket.”
Another analyst suggested XRP could soon se a Santa Claus rally to experience an end of the year like it did in 2017, when the cryptocurrency’s price started at around $0.25 a bull run that saw it reach $2.2 by the end of that year.
XRP was recently overtaken by Solana in terms of market capitalization and is now the fifth largest cryptocurrency by the metric. Data from the XRP Ledger shows that activity on the network is nevertheless rising, with the number of XRP transactions recently reaching 1.5 million a day.
Moreover, according to XRPScan data, the number of unique addresses active as senders recently rose from around 9,000 per day to over 13,000.
Featured image via Pixabay.
