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XRP Heading for $1 as Whales Keep Buying Rather Than Selling After Historic SEC Win

Published July 17, 2023 2:06 PM
Omar Elorfaly
Published July 17, 2023 2:06 PM

Key Takeaways

  • XRP is now safe for investors, so long as they buy it on exchanges.
  • The token reached its a high price in more than a year following a court ruling
  • Will XRP reach $1?

XRP, the token created by Ripple is now reaping the gains of the company’s partial victory in its case against the SEC. After Judge Analisa Torres announced that the platform’s XRP cryptocurrency was not a security when it was being sold on exchanges. The result marks a win against the regulating body’s attempted control over the crypto market. As a result, XRP has been trending upwards, potentially suggesting that it could reach $1 this year.

XRP Has Many Fans

Following Judge Torres’ announcement on Thursday, the Coinbase crypto exchanged celebrated Ripple’s triumph by tweeting: “W.W for @ripple. W for the industry. W for the builders. W for a clear rulebook. W for updating the system.”

Coinbase also witnessed a spike in its own stock value reaching over $100 per share as hopes were revived in its own case against the SEC. 

US Senator Cynthia Lummis also joined in on the celebrations by tweeting “I applaud the decision of the Southern District of New York finding that crypto assets traded in secondary markets may not be investment contracts.’

XRP To The Moon?

More importantly, XRP is now trending high on multiple exchanges. Binance, the world’s biggest crypto exchange recorded over $600 million in trading volume for XRP in the past 24 hours. 

XRP  spiked to over $0.88 per token, its best price since March 2022. At the time of writing on 17 July, XRP hovered at around $0.74. However, investors are now optimistic about the future of the token.

Now that XRP has been cleared to trade as a commodity, investors are starting to see the future potential of the token. As part of Coinbase’s celebration, the exchange also announced that “XRP is now open for trading.”

On top of that, Binance, which had earlier removed XRP from its platform,  has put it back on the exchange.

XRP is now expected to reach $1 in value at some point, with many traders choosing to hold onto the coin until it can get there. 

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