XRP prices are up by 12.5% in the last week. Moreover, according to Santiment, the token’s social volumes are at their highest levels in one year. XRP mention rate, according to the crypto analysis firm, reached as high as 16.2%. The surge in XRP prices and mentions is most probably due to investors expecting a positive verdict in the SEC vs. Ripple lawsuit.
On the crypto ticker platform CoinMarketCap, XRP has become the second most popular trending digital asset. The token is only bested by the popular frog-themed memecoin Pepe Coin (PEPE). Although PEPE is on a downtrend right now, when it launched in April, it was the hottest asset of the moment. Furthermore, the team at CoinMarketCap said that “we are also seeing historically high address activity surges” for the asset. They also said that the asset’s price should “behave uniquely for the time being.”
Will XRP boom after the SEC vs. Ripple verdict?
The contested Hinman documents, which are crucial to the lawsuit, should be made public by June 13. The release of these documents may result in additional XRP price increases in addition to a potential positive conclusion for Ripple. The Hinman speech is one of the most important pieces of evidence that Ripple has against the SEC. Former SEC chair William Hinman had said that Ethereum (ETH) magically changed from a security to a non-security. This was a giant leap as, at the time, there was no clear guidance on how to classify digital assets.
Furthermore, pro-Ripple lawyer John Deaton has said that people who don’t buy XRP now would end up buying it at $1. Moreover, the lawyer stated that FOMO (fear of missing out) won’t kick in until the asset reaches $2.
#XRP sits at .48 cents and it’s crazy to think about how many people, who refuse to buy it now, are going to buy it over $1. What’s even more crazy is that fomo won’t likely kick in until $2.
— John E Deaton (@JohnEDeaton1) May 29, 2023
At press time XRP was trading at $0.505566, down by 1.3% in the last 24 hours.