Top Reasons Why XRP Price Is Flourishing Despite The SEC Lawsuit

The XRP market has demonstrated immense potential in revolutionizing cross-border payments. Despite the ongoing SEC vs Ripple lawsuit, XRP continues to thrive globally, with a traded volume of approximately $1.58 billion in the last 24 hours. With a fully diluted valuation (FDV) of around $50 billion, the XRP market is poised for further growth post-lawsuit resolution.

Rising XRP Holders

On-chain analysis by Coinmetrics reveals a rapid increase in the number of XRP addresses holding more than $10k. This surge brings them close to an all-time high (ATH), indicating growing interest and investment in XRP.

XRP Social Volumes Reach Yearly High

Santiment data highlights a remarkable surge in XRP social volumes, reaching the highest level in over a year. Over the past 19 days, the XRP price has risen by approximately 22 percent, making it the top trending digital asset. The on-chain analytics platform also notes a significant spike in address activity recently.

Also Read: Will XRP Price Hit $2 Anytime Soon? Decoding The Possibilities – Coinpedia Fintech News

Lawsuit’s Impact on the Altcoin Industry

The SEC vs Ripple lawsuit is considered one of the most significant cases in the Web3 industry, with the potential to influence regulatory frameworks. Its outcome will have far-reaching implications for the altcoin industry, especially for ERC20s on the Ethereum network. According to data from Messari, XRP’s price has surged since March, fueled by positive news regarding the lawsuit.

$XRP surged in March twice, following positive news of the legal battle between @Ripple and the SEC.

The ongoing case began in 2020 when the SEC charged Ripple with conducting an unregistered security offering for the $XRP token. pic.twitter.com/5KzvaLJnzg

— Messari (@MessariCrypto) June 1, 2023

XRPL Revenue Surges

Notably, Messari reports a substantial increase in XRPL revenue since March, paralleling a 34 percent surge in XRP’s underlying value. These developments underscore the market’s confidence in XRP and its potential for growth.