According to CryptoPotato, the value of XRP has surged nearly 40% over the past week, driven by increased network transaction activity and anticipation of a resolution in Ripple’s ongoing legal battle with the US Securities and Exchange Commission (SEC). This rise in XRP's value is part of a broader cryptocurrency market recovery, with leading digital assets like Bitcoin and Ethereum also reaching multi-month highs. Bitcoin recently touched $66,000, while Ethereum briefly surpassed $3,500. XRP, however, has outperformed these assets, climbing 9% daily to reach $0.60 for the first time since April.

The revival of XRP coincides with significant increases in key metrics within its ecosystem. On July 16, the total number of executed transactions on the XRP Ledger exceeded 4 million, marking a six-month high. Additionally, the average number of transactions per ledger reached 204, a 250% increase from the beginning of the month. This surge in transactions indicates heightened network use and utility, which could potentially lead to higher demand for XRP and further capital inflows.

Another factor contributing to XRP's price increase is the growing expectation that Ripple's legal battle with the SEC may soon come to an end. American attorneys Fred Rispoli and Jeremy Hogan have speculated that an official resolution could occur as early as this summer. The lawsuit, which has been ongoing for over three and a half years, has seen Ripple secure three partial court victories in 2023. These victories include a ruling by Judge Torres that Ripple's programmatic sales to secondary trading platforms do not constitute offers of investment contracts, leading to a 70% surge in XRP's price shortly after the announcement. The asset also reacted positively when magistrates dismissed the SEC's intention to appeal the decision and when Ripple's CEO Brad Garlinghouse and Executive Chairman Chris Larsen were cleared of all charges brought by the Commission.

The combination of increased network activity and positive legal developments has fueled optimism around XRP, contributing to its recent price surge. As the cryptocurrency market continues to recover, XRP's performance will be closely watched by investors and analysts alike.