- XRP’s price increased by 8% as Judge Sarah Netburn encouraged Ripple and the SEC to settle their case.
- Ripple is looking into the use of its On-Demand Liquidity (ODL) solution for immediate cross-border settlements in the US using XRP.
In a show of strength that defies the current consolidation trend in the broader crypto market, Ripple’s XRP has once again gained momentum, posting an 8% surge over the last 24 hours. The token is currently exchanging hands at a rate exceeding $0.80, pushing its market capitalization to an impressive $41.68 billion.
This uptick represents a weekly gain of 66%, propelling XRP to its current status as the fourth largest cryptocurrency by market cap.
A Judicial Nudge Towards Settlement
XRP’s performance notably outpaces the crypto market, a development that follows last week’s ruling by Judge Analisa Torres stating that XRP, Ripple’s native cryptocurrency, is neither an investment contract nor a security. This significant decision triggered a wave of optimism, fuelling buying pressure that led to many altcoins, including XRP, hitting their highest annual values.
In the aftermath of the SEC ruling, Ripple XRP’s trading volumes saw a significant uptick, surpassing even that of Bitcoin over the past week.
On Monday this week, Magistrate Judge Sarah Netburn, currently presiding over the case, initiated a directive for the US SEC and Ripple to engage in a settlement conference. Netburn’s instructions outlined the need for both parties to align on three mutually agreeable dates for these conferences, provided they consider them beneficial at this juncture.
She emphasized that due to the court’s congested schedule, these discussions should be planned 6-8 weeks in advance, discouraging any expectations for last-minute accommodation or litigation deadline adjournments due to late requests for settlement conferences.
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Future-Proofing Ripple’s Operations
The latest court ruling has bolstered optimism surrounding Ripple’s XRP, with the company now investigating the application of its On-Demand Liquidity (ODL) solution for instant cross-border settlements using XRP within the United States.
As stated by Ripple’s General Counsel, Stuart Alderoty, there are high hopes that American banks might adopt Ripple’s ODL solution.
“This quarter should spark numerous discussions with US customers, and we anticipate some of these conversations will transition into tangible business ventures,”
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