XRP TO HIT $1 IF SEC RULLING IS POSITIVE
XRP has seen a notable increase over the past 24 hours. The XRP price has rallied above the $0.52 resistance level, currently trading at $0.5219. This marks a 1.42% rise over the past week, with the market cap now at $28.86 billion, up by 0.67%.
Ripple must file counter briefs to the omnibus letter motions filed this week by May 20 alongside the SEC and interested parties. The court is deliberating on issuing an injunction against Ripple and determining penalties for securities law violations.
Stuart Alderoty, Ripple’s Chief Legal Officer, praised a Capitol Hill vote. He noted a bipartisan agreement against SEC Chairman Gary Gensler’s perceived crypto overreach.
The US Senate passed the Congressional Review Act (CRA), repealing SAB 121. SAB 121 would have required companies, including banks, to include client-owned crypto assets on their balance sheets. This repeal reflects growing resistance to stringent crypto regulations.
XRP has shown remarkable stability, consistently maintaining a position above the crucial $0.51 level. This steady performance suggests that XRP might soon reach the $0.55 milestone. If this upward momentum continues, the cryptocurrency could potentially challenge the $0.8 mark and possibly escalate to $1 in the near future.
