Various XRP traders have also speculated that XRP will go up to the $3.9 price level.
A factor adding to this uptrend is the recent lawsuit by the Securities and Exchange Commission. The crypto market is rebounding once again, and virtual assets are having significant gains, and different cryptocurrencies are set to hit new all-time highs. Following this, XRP has carried on its upward trajectory after the speculations of spot ETF approvals in the US. At the same time, the overall market gained more than 4% and hovered around $3.26 trillion after a massive price rally of Bitcoin. Altcoins also witnessed a strong weekly institutional inflow.
Various XRP traders have also speculated that XRP will go up to the $3.9 price level. At the time of writing, the asset is trading at $2.38, showing a 2.55% gain in the past 24 hours and an 8.28% gain in the past seven days.
Ripple’s Legal Settlement Fuels Investor Optimism
The growth reveals a bullish sentiment, and as per the community sentiment tracker of CoinMarketCap, 88% of the traders are bullish and expecting a high return on investment. Another factor adding to this uptrend is the lawsuit of the Securities and Exchange Commission.
On May 8, the SEC publicized a settlement agreement with Ripple Labs Inc., its CEO, and the co-founder to resolve their prolonged civil enforcement case. The case began on December 22, 2020, in the Southern District of New York.
In this case, the SEC accused Ripple of engaging in unregistered securities offerings by selling XRP tokens. Now, the recent filing has asked the court to pass a judgment that can dissolve the case.
ProShares, an exchange-traded fund issuer, publicized a probable launch of futures-based XRP ETF pending regulatory permission. Adding more to this, XRP whale accumulations have surpassed other altcoins in the past two weeks, indicating signs of Q4 2024 inflows.
The numbers of the last week indicate the third-largest and biggest inflows since mid-December. XRP witnessed around $31.6 million, maintaining growth from last week.
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