XRP Price Boosted by Ripple’s Legal and Expansion Wins: Will It Break 54 Cents?

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Ripple Labs-backed XRP has attempted to regain a bullish outlook in the past few days amid heightened crypto volatility and forced liquidations. While Bitcoin (BTC) price has dropped around 3.2 percent in the past seven days to trade around $65,200 on Wednesday, XRP price jumped over 2 percent in the same period to hover around 49 cents at the time of this reporting. 

Improved Legal Clarity for Ripple

The large-cap altcoin, with a fully diluted valuation of about $49 billion and a daily average traded volume of around $1.4 billion, has significantly benefited from the improved regulatory clarity in the United States.

Earlier this week, the US SEC notified the court that Ripple should be fined $102.6 million for violating securities laws in the XRP sales to institutional investors. However, Ripple has continued to push for a $10 million fine based on other similar settlement cases. 

Furthermore, the presiding Judge ruled last year that XRP sales in exchanges do not violate any securities laws. 

Global Expansion

Ripple has remained focused on the global expansion bid to facilitate frictionless cross-border payments via XRPL. Recently, Ripple closed the acquisition deal for Standard Custody to add its global web3 portfolio that includes Metaco. 

The blockchain payment company has also continued with its bid to build XRPL to enable multi-chain tokenization of real-world assets (RWA). 

XRP Price on Spotlight

According to crypto research firm CryptoQuant, Open Interest (OI) in XRP has surged in the past few days in tandem with the underlying value due to the recent settlement news from the U.S. SEC.

In case the XRP’s OI continues to rise in the coming weeks, the altcoin will likely rally beyond the resistance range between 54 cents and 58 cents.