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XRP value goes up 22% as the Ripple v. SEC case progresses,

The payments token regained a $40 billion market cap, surpassing Cardano’s ADA and Solana’s SOL.

The XRP token, which is used in Ripple’s payments network, jumped up to 22 percent in 24 hours on Tuesday, regaining a $40 billion market capitalization after reports suggested a positive turn for the blockchain payments firm in its court battle with the U.S. Securities and Exchange Commission (SEC).

It is now the sixth-largest cryptocurrency, surpassing Cardano’s ADA token and Solana’s SOL.

In early Asian trading hours, the price reached $0.91, a high not seen since the beginning of January. However, at the time of writing, the token had dropped 5 cents to $0.86. If the price remains above current levels, further resistance exists at $1, while support exists at $0.80 if the price falls below current levels.

A relative strength index (RSI) reading of 80, on the other hand, indicates that a decline is likely in the coming days. The RSI is a technical indicator that measures the magnitude of price changes over a given time period. Readings above 70 indicate that an asset is overbought, while readings below 30 indicate that it is oversold.

People are happy with the way the SEC lawsuits are going right now

New York’s U.S. District Judge Analisa Torres said that documents in Ripple’s court fight with the SEC should be opened. This means that more people will be able to learn about the case.

Chris Larsen, the founder and chairman of Ripple, had two memos as sealed exhibits to his motion to dismiss the SEC case. Larsen had said that documents sent to potential investors in 2012 didn’t refer to XRP as investment contracts or securities. The memos are said to have information from unknown lawyers who said that XRP tokens were not securities. Last week, Torres asked for the documents to be opened up later this month, so that they could be read.

Stuart Alderoty, Ripple’s general counsel, said in a press release that the documents were important. Ripple will show that in 2012, the company was given a legal analysis that said XRP was not an investment contract. Alderoty said that the company will “look forward to the public having access to these documents as we fight this case.”

Analysts say that when things go well, prices go up

Some analysts say that because of these changes, the case may be coming to an end, which could lead to even more XRP’s price going up.

“We’ve seen in tech history that no matter what the outcome of the trial, verdict, or secret deal was, supporters always see the end of a legal battle as a good thing.” James Wo, the founder and CEO of crypto investment firm DFG, said in an email to CoinDesk. It could be the start of a good time for XRP if the long-running trial is over in the next few months.

Others, on the other hand, say that XRP might not be as popular with investors because there are now more payment tokens out there.

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Oliver Moore

Oliver Moore