XRP has seen a 4.5% increase in its rate, trading above $0.52 at the time of writing this article. The Fear & Greed Index Holding at 37 suggests that the market is still in a bearish trend, where Bitcoin is currently priced at $26k, Ethereum is at $1,670 and Dogecoin has gained 1.2% in the last 24 hours. The total crypto market capitalization has increased by 0.8%, to a total of $1.12 trillion.
The recent surge in XRP prices is attributed to the SEC’s motion of appeal in the SEC vs Ripple Labs case, where Judge Analisa Torres granted permission to file an expedited appeal on the ruling that declared XRP as a non-security. Pro-XRP lawyer John E. Deaton tweeted “The SEC has conceded this issue for a number of reasons. We fought to have the judge actually ✍️ that the token itself is not the security”.[1] The price of XRP had skyrocketed to $0.94 in July following the ruling.
[1] https://twitter.com/JohnEDeaton1/status/1692683345610608844
