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This article analyzes the potential factors that fueled XRP’s price by 35% in less than two weeks.
XRP has attracted the attention of the broader crypto market due to its latest price performance. The crypto asset, which plunged to $0.3911 on July 5, is trading above $0.52 in the hours leading up to press time. With XRP currently priced at $0.5294, the seventh-biggest cryptocurrency by market cap is up 35.36% from its July 5 low.
Also, the cryptocurrency has witnessed a weekly gain of 26.4% and a 24-hour surge of 2.12%.
3 Reasons Why XRP Is Up
Following its remarkable performance, we’ve highlighted three major reasons why XRP’s price has surged massively in the past few days.
XRP Freedom Day
Topping the list is the first anniversary of Judge Analisa Torres’ summary judgment decision in the legal tussle between the SEC and Ripple. On July 13, 2023, XRP became the first altcoin with legal clarity in the United States after Judge Torres declared that the token in itself is not a security. At the time, XRP reacted positively to the ruling, surging to a yearly high of $0.9380.
Interestingly, XRP recorded another major price increase on the first anniversary of Judge Torres’ decision, a day many celebrate as “XRP Freedom Day.”
Upcoming SEC Meeting
Another factor potentially driving XRP price is speculation surrounding the SEC’s upcoming closed-door meeting. The SEC recently scheduled a closed-door meeting for July 18 at 2:00 PM (ET), with top commissioners expected to be in attendance.
According to the official website, the meeting will focus on settling injunctive actions and administrative proceedings. Another major agenda item is resolving litigation claims. With the meeting agenda focused on settlement and resolving litigation claims, many speculated that the regulator might consider settling its multi-year legal tussle with Ripple.
It bears mentioning that the SEC has had a similar meeting without the Ripple lawsuit ending in a settlement. In the meantime, the SEC and Ripple are awaiting the court’s final judgment, which is expected to come before the end of the year.
Fed Rate
The broader crypto market is enjoying a relief rally fueled by speculation about a potential Fed rate reduction by September 2024.
At the time of writing, the global crypto market cap is up 4.05% to $2.3 trillion. This is reflected in the performance of the top 10 cryptocurrencies, including BTC, ETH, SOL, XRP, and ADA. These digital assets are up between 2% and 5% over the past 24 hours.