"Before this XRP was quiet, now it has moved from its comfort zone."
Cryptocurrency Ripple (XRP) finally climbed 29.20% to pass the $0.58 level before falling back to $0.52 even though their lawsuit case with the Securities and Exchange Commission (SEC) of the United States (US) is still pending.
Following XRP's success at a price level not seen since May 2022, some analysts predict the digital asset has the potential to break through $0.60 in the near term.
It is understood that XRP saw a high surge recently due to the sentiment among investors related to blockchain company Ripple being able to win its case against the SEC as well as encouragement from the Chief Executive Officer (CEO) of Ark Invest Cathie Wood.
In addition, the upgrade of the XRP Ledger (XRPL) that was implemented a few months ago is one of the reasons why the price of the digital asset is able to climb further and the use of XRPL accounts is seen to be increasing.
While the US Commodity Futures and Trading Commission (CFTC) which defines Bitcoin (BTC) and Ethereum (ETH) as commodities is understood to be able to redevelop XRP following its conflict with the SEC's demands.
As the battle between XRP and the SEC draws to a close, some crypto companies are still struggling to get a more detailed explanation of the laws they must comply with.
According to David Schwartz, XRP's Chief Technology Officer (CTO) said that the digital asset will not become a security when the company relinquishes control over XRPL by allowing other parties to manage it.
