Ripple’s CEO expects a resolution to the company’s legal battle with the SEC “very soon.”
The bullish statement coincided with user activities on XRPL Ledger setting new records.
Accordingly, XRP’s price surged to a three-month high of $0.63.
The price of XRP has seen a significant boost in recent days, driven by comments from Ripple CEO Brad Garlinghouse suggesting that the company’s long-standing legal battle with the U.S. Securities and Exchange Commission (SEC) may be nearing a resolution.
In a recent interview with Bloomberg, Garlinghouse declined to comment on whether Ripple was in active settlement talks with the SEC. However, he expressed optimism that the outstanding legal issues would be resolved “very soon.”
Ripple’s chief legal officer, Stuart Alderoty, echoed this sentiment in a recent post marking the one-year anniversary of XRP’s victory ruling in the U.S. court. In the commentary, Alderoty stressed that the court’s decision that XRP is not a security would not be challenged by the SEC.
These positive remarks have coincided with a spike in user activity on the XRP Ledger. According to market intelligence platform Santiment, active addresses and new address creations hit their highest single-day levels on Thursday.
Specifically, the update revealed that 1,721 new XRP wallets were created on Thursday, July 18, marking the highest number since March 30. Additionally, the report found that 47,363 individual addresses interacted on the XRP network that same day, the most since March 9.
XRP Ledger is seeing a substantial amount of both new addresses created and total addresses interacting on the network. Both are at their highest levels since March. pic.twitter.com/AIeWzwannc
— Santiment (@santimentfeed) July 18, 2024
Interestingly, the price of XRP has responded accordingly, soaring significantly to trade at $0.636 on Thursday, a high point last seen three months ago. Emphatically, the upswing marks a rebound of over 60% from a fourteen-month low of $0.385 on July 5. Meanwhile, XRP hovers around $0.5942 at press time, declining by 1% in the last 24 hours.
The post XRP Price Spikes as Ripple CEO Expects Legal Resolution “Very Soon” appeared first on Coin Edition.
