On the one hand, Ripple, which announced its plans in Canada, is thought to have come to an end in the SEC lawsuit process. XRP is experiencing a noticeable increase.
Famous journalist Eleanor Terrett stated that the SEC will announce important decisions regarding the case. The decisions to be announced are expected to provide clearer information about the direction of the case and Ripple's chances of winning. Ripple also announced earlier this week that it plans to set up a structure in Canada. This will be presented in the form of a Toronto-based engineering center. These two different announcements actually impacted the XRP price, which is not surprising.
XRP, which is in the 6th place with a market value of $ 17.8 billion, is trading at $ 0.36 at the time of writing. XRP, which saw lows with $ 0.28 during the decline period, retreated a little after rising to $ 0.38. However, it can be stated that XRP has increased by over 18% in the last 1 week.
In fact, some analysts think that the price of the cryptocurrency may increase, whether the case ends in favor of XRP or against it. Because the long-term pressure on crypto money will be gone in both cases. However, if the outcome of the lawsuit is in favor of Ripple, it is thought that the XRP price can rise rapidly to $ 5 . Additionally, XRP's social dominance metric on Santiment has seen a significant increase, rising from 0.265% on June 21 to 1.47% on June 24. In the same period, we see a significant increase in price. However, at this point, investors should not forget that cryptocurrencies are still in a bear market and should be aware that not all expectations may come true.