[XRP trading volume soared 56%, and the price rebounded sharply]
XRP has shown a significant growth trend over the past 24 hours. The coin surged 10.99% to $0.5145, according to CoinMarketCap.
Independent gains in XRP during market declines are not uncommon and are often linked to discussions of its status as a security. On July 13, 2023, Judge Analisa Torres ruled that XRP is not an investment contract when traded on secondary exchanges, helping to clarify its non-security status. At that time, XRP price surged to a 52-week high of $0.8468, a gain of 70%. Since then, XRP has been hovering below its 52-week high.
Currently, XRP is up more than 20% in the past seven days, driven mainly by whale action, with trading volume increasing by a massive 46.28% to $1,986,482,258. Many expect XRP price to once again break out of $0.8 highs and soon surpass $1, driven by the potential end of the lawsuit. A settlement between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs Inc. has yet to be reached, with the SEC seeking a $2 billion fine and Ripple only willing to pay $10 million.
