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RIPPLE NEWS :XRP Price Is Rising Despite a Slowdown Crypto Market

17 Sep 2022 By: Sudeep Saxena

Ripple Rise 8 Percent

Over the previous 24 hours, the price of XRP, Ripple's native token, has increased by more than 8 percent. The token has been one of the top gainers for the past day thanks to this most recent increase.

BTC price declines but XRP price rises

Over the previous day, there was a little decline in the worldwide cryptocurrency market. The total market value of digital assets is still below the $1 trillion threshold. The values of the two largest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), have fallen by more than 6% and 17% respectively over the last week.

In the SEC v. Ripple lawsuit, John Deaton, an amicus curiae, criticised the commission by presenting the XRP price increase that coincided with negative investor sentiment. He claimed that LBC increased by 11% while the price of XRP increased by 10%. while the price of DRGN rose by 5%. Deaton emphasised that the SEC has raised concerns about all of these tokens.

However, as the legal dispute between Ripple and the SEC has progressed to the Summary Judgement stage, optimism has been growing for the XRP.

Case against ripple moves towards summary judgement stage

According to CoinGabbar, District Judge Torres approved the parties' proposed joint scheduling request. However, the hearing scheduled for September 19, 2022, will be crucial for the ongoing procedure. The redacted versions of the briefs from the plaintiff and defendant will be submitted.

The public will not yet have the opportunity to view the actual declarations and evidence, according to attorney James Filan.

In the last seven days, the price of XRP has increased by more than 7%. The recent has helped the token somewhat repair the damage from recently. As of the time of publication, XRP is trading at an average price of $0.3739. It is still trading at a 55% discount to its year-to-date price, though.

The 24-hour trading volume for XRP has increased by 39% to $1.66 billion. Despite the decline in cryptocurrency, it still has a total market cap of $18.7 billion. The ongoing legal dispute between Ripple and the SEC has also slowed the rise of the XRP price.

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