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Investors flock to XRP injecting $1.6 billion in a week

Investors flock to XRP injecting $1.6 billion in a week

The crypto community has been closely monitoring XRP’s price action this year amid the ongoing legal battle between Ripple and the United States Securities and Exchange Commission (SEC). 

Despite the uncertainty surrounding its regulatory status in the case, XRP has demonstrated a positive price performance this year, largely attributed to Ripple’s notable successes in its legal fight against the securities regulator.

Over the past week, XRP soared more than 8%, closing in on the $0.5 mark. As a result of the price surge, the cryptocurrency’s market cap increased by $1.6 billion from $22.2 billion on May 12 to $23.8 billion as of May 19.

XRP 1-week market cap chart. Source: CoinMarketCap

At press time, XRP was changing hands at $0.46, up 2.83% in the previous 24 hours. Year-to-date, the sixth-biggest cryptocurrency by market cap gained over 35%, marking a sharp rebound after a challenging 2022 for the broader crypto market.

XRP 1-day price chart. Source: Finbold

What’s behind the surge?

The bulk of XRP’s price gains in the past week came after Ripple secured another important victory against the SEC in their long-standing dispute. 

Namely, XRP jumped over 4% on May 17 after US District Judge Analisa Torres blocked the SEC’s motion to seal the Hinman documents – the SEC’s internal communications that include a speech of former Division Director William Hinman in 2018, in which he said that Bitcoin (BTC) and Ethereum (ETH) were not securities. The copy of the judgment was shared on Twitter by the former defense attorney James K. Filan. 

A potential date for Ripple and SEC’s redacted revelation has become known in the wake of the judgment. In a separate tweet, Filan said according to a court order from September 2022, both parties are given exactly 21 days after the sealing ruling to “file public, redacted versions of Summary Judgment documents consistent with the sealing ruling.” This means that the documents will likely be revealed by June 6. 

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