🟡On Sunday, the price of XRP surged above $1, reaching a three-year high amid ongoing legal challenges involving the U.S. Securities and Exchange Commission (SEC). The cryptocurrency rose by more than 27%, hitting $1.27, with its market capitalization increasing to $63.59 billion.
🟡The founders of LondonCryptoClub attribute XRP’s rise to expectations of regulatory changes and the potential resignation of SEC Chair Gary Gensler. Bullish positioning in the options market and a record increase in open interest for XRP futures confirm the upward price trend.
🟡Additionally, a group of state attorneys general has filed a lawsuit against the SEC, alleging it exceeded its authority in classifying digital assets as investment contracts. This lawsuit could significantly impact the outcome of the Ripple case, in which the SEC accuses the company of selling unregistered securities.