- XRP price holds steady despite SEC lawsuit, down 0.3% in 24 hours
- XRP community eyes lawsuit resolution, some predict price increase
- XRP trading volume dips 10%, but market cap remains in top 7
The price of XRP token remained relatively stable on Friday, May 17, 2024, despite the lack of significant developments in the ongoing lawsuit with SEC. As of press time, XRP’s price is set at $0.5168, with a 24-hour decline of 0.30%.
The lawsuit, which began in December 2020, centers on whether XRP is a security. Investors are hopeful for a swift solution. While the parties have submitted the omnibus letter motions, the court ruled that Ripple, the SEC, and third parties must file opposing briefs by Monday (May 20).
There are anticipations that XRP will surge to new all-time highs following the lawsuit’s final judgment. Analysts like King XRP forecasted the token’s major surge to $18.57 after the final judgment.
The broader XRP community is also looking ahead to potential future events, including the possibility of an XRP exchange-traded fund (ETF) and increased adoption by financial institutions. These developments could further drive up the price, according to some analysts.
While there are no significant developments in the Ripple lawsuit today, the XRP token remains relatively stable. With negligible daily and weekly dips, XRP has seen a slight surge of 3.82% over the past month.
Despite the lack of daily or weekly price fluctuations, XRP’s trading volume has seen a notable decline of nearly 10% in the past 24 hours, currently sitting at $1.09 billion. This suggests a decrease in overall market activity. However, XRP maintains its position among the top seven cryptocurrencies by market capitalization, currently valued at approximately $28.5 billion.A recent uptick in XRP’s price of 2.5% coincided with Ripple’s CFO, Jonathan Bilich’s, public support for the company’s motion to seal its omnibus letter motions in the lawsuit. This price increase was accompanied by a surge in trading volume, indicating increased market activity around this news.
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