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The XRP token has skyrocketed 22.4% within the last 24 hours, reaching price levels not seen in months and claiming the title of best-performing cryptocurrency within the top 10.
This surge can be attributed to the anticipated resolution of the SEC's lawsuit against Ripple, which was filed in December 2020 and is expected to wrap up in the first half of 2023.
South Korean cryptocurrency exchange Upbit is the driving force behind the largest chunk of trading volume, commanding a 19.05% share. Other major exchanges fueling the rally include Binance, Bithumb, Coinsbit, OKX, and KuCoin. The surge in trading volume has opened the floodgates for increased liquidity for the controversial token.
CoinGlass data reveals that liquidations over the past 24 hours have amounted to $16.69 million. Bears took the biggest hit, with short postios accounting for the lion's share ($12.48 million) of the sum.
In a recent court filing, Ripple Labs cited the Supreme Court verdict in Bittner v. United States in order to bolster its fair notice defense against the SEC. Ripple argues that the SEC's failure to provide clear guidance on navigating securities laws for digital assets has left market participants in a fog of confusion and uncertainty.
Ripple boss Brad Garlinghouse remains optimistic that the much-hyped lawsuit would be resolved in the first half of the year.
The outcome of the closely-watched legal battle could hold the key to the future of the Ripple-linked token and other coins. The wider cryptocurrency industry that remains in limbo due to the lack of regulatory clarity.
Many members of the XRP community expect the token to soar to new heights without the weight of legal woes if Ripple does prevail over the SEC.