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XRP Beats Bitcoin Gains Amid Ripple-SEC Deal Optimism
Trader optimism has pushed the payments-focused token XRP to the forefront of the market, beating Bitcoin (BTC)ether (ETH) and the large-scale CoinDesk 20 Index in Asian trading hours.
XRP has risen 7% in 24 hours to over 64 cents, its highest point since March 25, amid a large scheduled token unlock and greater hopes of settlement of the long-running SEC Ripple lawsuit.
A filing on Tuesday revealed that the U.S. Securities and Exchange Commission (SEC) plans to amend its complaint against cryptocurrency exchange Binance to include “third-party cryptocurrency securities,” which likely means the judge won’t have to decide yet whether ten tokens like Solana’s SOL and Polygon’s MATIC are unregistered securities.
While the filing did not name any tokens, traders are taking it as a sign that the SEC’s legal battle with Ripple Labs, which the regulator claims issued XRP, may be over. Ripple and XRP are not interchangeable. While Ripple is a fintech company focused on building a global payments network, XRP is a standalone digital asset used for things like online payments and currency swaps.
In cryptocurrency circles, South Korean traders are known for their tendency to generate euphoric rallies on tokens, contributing to buying pressure and potentially influencing prices.
At the beginning of JulyXRP trading activity on local exchanges has outpaced that of the usual leaders, stablecoins Bitcoin and Tether (USDT), contributing to a 20% rally in the token.