The dynamics of the XRP cryptocurrency rate are largely determined by investor expectations surrounding the lawsuit of the token issuer Ripple and the SEC
The SEC's reconsideration of its position in the Binance cryptocurrency exchange case has affected the price of Ripple's XRP cryptocurrency. Over the past 24 hours, XRP has shown growth of more than 7%, breaking the ¢64 mark for the first time since late March.
As Coindesk reports, traders attribute such a rapid rise in price to news surrounding the lawsuit between the US Securities and Exchange Commission (SEC) and the Binance cryptocurrency exchange.
The day before, on July 30, it became known that the SEC was changing its position in the case against the cryptocurrency exchange Binance. The main US exchange regulator will amend the court documents as part of the proceedings and intends to drop some of its accusations related to the tokens SOL, ADA, MATIC, FIL, ATOM and others, which it clearly stated last year as securities.
The SEC will no longer defend the securities status of cryptocurrencies. Although the statement did not mention Ripple's XRP, traders perceive this as a signal that the legal dispute between the SEC and Ripple Labs is about to end. Investors are increasingly confident in a favorable outcome of the case, which is pushing the price of XRP up.