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In the midst of a pivotal legal battle for the cryptocurrency industry, one digital asset is leading the latest rally.
It is estimated that Ripple, the company behind the cryptocurrency in question, $XRP, is on the verge of reaching an agreement with US regulators.
Over the past week, $XRP has gained an impressive 40%, pushing its value to around $0.60. In comparison, BTC rose by approximately 12% during the same period. The rise in cryptocurrencies this week is partly due to expectations that Donald Trump will take a more positive attitude towards the sector if he wins the US presidential election.
The Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs in 2020, alleging that the firm violated its regulations by raising funds through the sale of the digital token without registering it as a security. The case received significant attention due to its potential implications for the SEC's jurisdiction. In a development seen by many as a setback for the institution, a U.S. District Judge ruled last July that sales of $XRP to retail investors on exchanges did not constitute investment contracts.
Fueling speculation, the SEC's website lists a “closed meeting” scheduled for July 18, as seen in posts on social media platform X.
Zaheer Ebtikar, founder of crypto fund Split Capital, said, “Investors and traders are waiting for a conclusion to be reached on the status of $XRP tokens. The whole issue regarding $XRP depends on what the regulations will be.” said.
In a recent filing, Ripple Labs announced a $1 million donation to a new political action committee aimed at unseating anti-crypto Senator Elizabeth Warren and supporting John Deaton as the next senator from Massachusetts.
*This is not investment advice.