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HomeNewsIMF Report Spurs XRP Rally Amid Legal Battles: Key Highlights and Market...

IMF Report Spurs XRP Rally Amid Legal Battles: Key Highlights and Market Reaction

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  • The IMF report highlights XRP and Ripple, boosting their value and underscoring their role in global financial inclusion.
  • The OIG’s investigation into the SEC could refocus the case against Ripple, potentially benefiting XRP and the crypto market.

Most recently, XRP experienced a 6.44% surge on Tuesday, extending Monday’s 1.53% increase to close at $0.5865.

XRP_1D_graph_coinmarketcap
Source: CoinmarketCap

This development was marked by an IMF report that addressed digital currencies, highlighting their usefulness in improving financial inclusion and connectivity among Pacific Island countries.

The IMF’s Mention of Ripple and XRP

As ETHNews previously reported, the IMF paper not only recognized the importance of digital currencies but also mentioned Ripple and XRP. It highlighted the use of the R3 XRP blockchain and discussed the collaboration with Palau to develop a stable sovereign currency, evidencing Ripple’s global reach in developing core and stable digital currencies.

Following reports from ETHNews, Bitcoin also posted a remarkable 4.74% gain on the same day, thanks to fund inflows into the BTC ETF market , approaching $60,000. This bullish environment benefits assets like XRP, indicating a period of potential gains for investors.

SEC vs. Ripple and the Consequences for XRP

The legal battle between the SEC and Ripple has captured the industry’s attention, especially after the end of the remedy discovery phase on February 20. With the parties preparing their arguments on sanctions, the possibility of an SEC appeal against the decision on XRP sales becomes more latent.

According to a previous ETHNews report, the OIG’s investigation into conflicts of interest at the SEC could significantly impact the case against Ripple. The investigation focuses on the actions of former SEC Director William Hinman and his connections to Simpson Thacher, which promotes Enterprise Ethereum.

Possible Effects on the Cryptocurrency Market

The conclusion of the OIG investigation and the verdict on SEC v. Coinbase could be decisive for XRP and the cryptocurrency market in general. If the OIG finds conflicts of interest within the SEC, it could force the agency to reevaluate its intentions to appeal against the XRP programmatic sales decision, favoring a more positive environment for XRP and the crypto sector.

These legal developments, along with the IMF’s recognition of Ripple and XRP, underscore the growing adoption of cryptocurrencies in the financial system and their ability to support public policy objectives.

 

The current price of Ripple (XRP) is $0.58735 USD, up slightly by 0.15%. In the last week, the price has increased by 4.37%, and in the last month, it has risen by 11.96%. However, since the beginning of the year, it has decreased by -4.61%, although in the last year it has experienced an increase of 54.95%.

XRP_1D_graph_coinmarketcap
Source: CoinmarketCap

XRP’s market cap currently stands at $31.98 billion USD, with a 24-hour trading volume of $2.49 billion USD. The circulating supply is 54.59 billion XRP, with a maximum supply of 100.00 billion XRP.

XRP price predictions vary, with some optimistic speculation indicating it could reach $11.00 USD per XRP by 2027, while other analyses suggest possible near-term targets of $0.7348 USD.

Some analysts even project a significant increase in the price of XRP, with targets of $5-$7 in the near term and as high as $27 by mid-2025, which would represent an increase of nearly 4,500%.

In addition, Ripple’s ongoing legal situation with the SEC may influence XRP’s future performance.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628
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