XRP, the digital asset linked to Ripple Labs, has maintained a steady rally as it climbed within the past seven days to new levels on speculation of likely resolution of the Ripple versus SEC legal battle. As per CoinMarketCap data, XRP market volume is up by 21% to $3.44 billion
XRP: Broader Cryptocurrency Sentiments and Political Factors
According to a BNNBloomberg report, Brad Garlinghouse, Ripple Labs Chief Executive Officer, declined to comment on the pending case and whether there were settlement talks with the SEC. However, Garlinghouse stated that a resolution was in the offing.
“Suffice to say, that the ruling has been clear from the judge and expect resolution very soon, but can’t predict when the judge will rule there,” Garlinghouse stated.
Besides anticipation of the SEC lawsuit being over, the sentiments in the broader cryptocurrency space is fueled by the vice presidential choice of U.S. Republican candidate, Donald Trump.
There is widespread optimism that should Trump emerge winner in the November presidential elections, his administration will be crypto-friendly given that his VP, JD Vance has crypto assets. Aside from the VP factor, Trump in recent times has pledged to make the United States a crypto leader globally.
Ripple Labs’ Innovations and Market Movements
As noted by BGEcrypto recently, XRP started July on the same upsurge with a 5.28% uptick in trading volume. That sparked positive sentiments on the part of stakeholders that the asset is about to witness a bullish run.
Meanwhile, Ripple Labs Inc. has launched a new feature within its Ripple Payments API termed “Try it.” The new development is meant to support developers to test XRP transactions live without having to utilize actual funds.
Although XRP had a price rally that reached $0.6278 earlier this week, the price has slumped to $0.5798 as at the time of writing.
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