The series of law actions between blockchain and cross-border payment company Ripple and the SEC seems to favor the XRP token. The token is currently making bullish momentum, and there are speculations of the token spiking above Solana and others.
All the pasts sessions in court have ended up in Ripple’s favor. However, the final judgment has not been made.
XRP Token About to Spike Above SOL and ADA
Ripple blockchain token XRP analytics has shown a significant spike in the token network for the past seven days. The token network has broken a lot of resistance levels, making waves and setting milestones.
The increasing whale action on the token and Ripple wins against the SEC in court are factors triggering the rally in the token market. According to cryptocurrency experts, the token has begun to soar above other altcoins like; SOL, ADA, and others.
According to On-Chain Data, over 200 thousand active wallets were recorded during the weekend, which was the highest since early 2020. Transactions and trading volume have been on the increase. Almost $900 billion token age was recorded in the past seven days.
However, the bullish momentum was believed to have been triggered by the rally in the crypto markets on the 18th of July. XRP made astronomical gains during the outgoing week, soaring higher on the charts than Solana and Cardano.
Although XRP retraced a little in the past two days, it seemed necessary following the current situation in the crypto markets. Giant cryptocurrencies, BTC, and ETH have declined slowly in price, causing other Altcoin to follow its movement.
Ripple and Security Exchange Commission Court Saga
The lawsuit saga between the commission and the blockchain company has been an iconic one in the cryptocurrency space. Ripple has been in court with the Security Commission since late 2020, defending its credibility against the agency.
The Federal agency filed a complaint against the company over an alleged case of an illicit security offering. Ripple network tokens, XRP, were claimed to be a security by the Federal commission.
The agency claimed that Ripple’s CEO made the offering to raise funds for the company, and the token wasn’t registered with the commission. The SEC later rolled out some requests and guidelines for the blockchain company to follow for proper acknowledgment.
However, the company failed to follow the commission path and made its way to court to defend the credibility of its token and blockchain network. So far, all indications from the past court sessions point to a possible win by Ripple against the Federal commission.
There are high expectations from the blockchain company and the commission’s legal suits. If Ripple later wins against the commission, several companies may follow their stead.