Why XRP Price is Up Today?

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January 15 is a very crucial date for the legal battle between Ripple and the US Securities and Exchange Commission. It is the deadline for the regulator to file its opening brief in its appeal against Judge Torres’s ruling. The situation has created several sensational media headlines. Some have triggered serious discussions on whether the SEC would proceed with its appeal or not.

The XRP community appears sharply divided, with some speculating the possibility of abandoning the appeal and others forecasting the probability of it proceeding. Anyway, the ongoing discussions on XRP have benefited the market extensively. In the last 24 hours alone, the market has grown by 12%, outperforming almost all the top ten cryptos. Time to analyse the scenario a little deeper. Ready? 

XRP Overview: What’s Happening in the Market 

At the start of the year, the price of XRP was at $2.08. Since then, the market has surged by 36.53%. Interestingly, between January 4 and 9, the market witnessed a small correction of 7.51%. However, with a sharp upward swing of 13 per cent between January 10 and 11, the market strongly recovered from the correction. In the last three days alone, XRP has increased by nearly 13.79%.

The RSI of XRP stands at 68.96 – just a few points below the overbought range of 70. This indicators that there is more room for growth in the market. In the last 24 hours, XRP has outperformed the overall crypto market, as well as almost all the top ten cryptos, including Bitcoin (+1.6%), Ethereum (+1.4%), BNB (+0.8%), Solana (+1.4%), and Dogecoin (+4.6%).   

Will the SEC Abandon the Appeal against Ripple?

Even though many XRP enthusiasts suggest that there is little chance for the SEC to pursue the appeal, some experts believe that the regulator is less likely to abandon the appeal, highlighting certain crucial factors, including the recent restructuring of the SEC litigation team leadership with litigators having expertise in handling crypto cases. 

New SEC Chairman to Join This Month 

Even if the SEC, led by crypto-skeptic Gary Gensler, proceeds with its tougher stand, the impact will be short-lived, as Gensler is expected to step down from his position, paving the way for the appointment of a pro-crypto executive, Paul Atkins. 

XRP enthusiasts strongly believe that Atkins would withdraw the SEC’s appeal against the US court ruling, which partly accepted Ripple’s argument that XRP is not a security. 

In conclusion, the legal developments around Ripple and the SEC have boosted XRP’s market momentum, with its price outperforming major cryptos. While uncertainty remains regarding the SEC’s appeal, upcoming changes in leadership could significantly impact the case, potentially favouring Ripple. For now, XRP continues to benefit from strong market sentiment and speculation.