The price of Ripple’s XRP has surged to $0.49 per digital coin, marking its highest value since November 2022.
This sudden growth is attributed to the increased likelihood of Ripple settling the SEC lawsuit against it. Interestingly, this chance came about in a third-party case involving the bankruptcy of cryptocurrency lending service, Voyager.
As part of the bankruptcy plan, the Voyager managers had planned to sell their VGX token to Binance.US exchange.
However, the US Securities and Exchange Commission (SEC) opposed the sale, stating that the token showed “signs of a security.” On March 11, 2023, Judge Michael Wiles overruled the regulator’s objections and approved the bankruptcy plan.
Ripple’s lawyers took note of this decision, as legally similar cases in the United States are usually resolved in the same way.
The SEC claims against Ripple are similar – the regulator alleges an unregistered sale of securities in the form of XRP coins. The lawyers presented additional arguments to the court, citing Judge Michael Wiles’ decision.
Meanwhile, analysts at Messari are optimistic about the future of XRP, pointing to the growing number of accounts on the XRP Ledger network and the network’s efficient implementation.
However, the recent hacking of the popular Indian TV channel News 24’s Twitter account and the subsequent distribution of 100,000,000 XRP coins serve as a reminder of the risks associated with cryptocurrency.