The Ripple price is rising again today and, due to its good performance, is again in 6th place in the ranking of largest cryptocurrencies. The increase is partly caused by the favorable developments in the SEC versus Ripple lawsuit.
Ripple lawsuit nears its end
Following the recent ruling by Judge Analisa Torres, the price of Ripple (XRP) has risen again. The price has risen to levels not seen since the beginning of the year.
The XRP market cap has risen above $42 billion. This came after a positive turn of events in Ripple’s legal battle against the Securities and Exchange Commission. This puts it above Cardano (ADA) and Solana (SOL). XRP has now become the sixth largest crypto currency by market capitalization.
The Ripple price has risen by more than 42% in the past seven days. The XRP is currently trading around USD 0.893. The market cap of XRP is $42 billion. In doing so, it has overtaken Cardano ($40.5 billion) and Solana ($36.6 billion).
Documents suggest lawsuit could be over soon
Lawyers say documents have been found very favorable to Ripple:
“The sealed documents will show that Ripple received a legal analysis in 2012 that XRP was not a security. We look forward to having the public access to these documents as we continue to vigorously defend this case.” Ripple’s general counsel, Stuart Alderoty, said in a press conference.
The rise in XRP price reflects investor sentiment that Ripple’s protracted legal battle with the SEC could soon be over. All this despite attorney John Deathon stating last month that the case could go on until next year.
As previously reported, the outcome of the lawsuit will determine how cryptocurrencies will be classified in the future.
