The Ripple XRP Lawsuit Update: Trading Volume Spikes as Company Regains Trust

The lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC) currently appears to be doing the company more good than harm. The trading volume of XRP, Ripple’s coin, made a big spike last week. It seems to be a sign of confidence among XRP investors as the end of the lawsuit is slowly approaching.

Ripple is regaining trust

The lawsuit between Ripple and the SEC began in december 2020. The SEC is accusing Ripple of selling XRP tokens as securities without proper licensing. Ripple maintains that XRP tokens are not securities at all. A day after the lawsuit was filed, the coin was up 28% in red. The lawsuit creates a lot of uncertainty around the currency and has hampered growth considerably. Still, many investors seem confident in a positive outcome.

Last week, on May 31, it peaked trading volume at $2.3 billion. That is the highest since March, while the volume was around just $400 million a few days earlier. The huge increase in capital had a major impact on the price of the coin. The value of the token has risen above $0.50, an important milestone. The XRP price rose nearly 11% last week and is currently trading at $0.525. In the meantime, however, it is cooling down again and the volume drops back to $ 600 million, but the price is still holding.

The XRP lawsuit

The main reason for the current increase can be attributed to the lawsuit. Judge Annalisa Torres recently ruled that the SEC must release documents about a speech by former corporate finance director William Hinman. In the speech, Hinman expressed that ethereum (ETH) should not be seen as an effect and Ripple may be able to present this as an argument in the lawsuit.

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XRP proponent John Deaton is expecting a ruling around September 2023. He bases this on the release of the Hinman documents in June 2023, as those documents take some time to evaluate. This seems to put an end to the controversial lawsuit. In any case, readers of Crypto Insiders seem very confident that Ripple can win the case, but that is of course no guarantee.

2023-06-04 12:02:18
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