In a surprising turn of events, XRP has emerged as a top performer in the crypto market, defying the overall downward trend. While Bitcoin and other cryptocurrencies experienced a slump, XRP made significant strides towards reclaiming its yearly high.
On Monday, Bitcoin’s price fell below the crucial $30,000 level, creating negative sentiment in the market. Most of the top 25 cryptocurrencies struggled to achieve gains of more than 5%, with the exception of XRP and Stellar (XLM).
According to CoinGecko data, XRP surged by 6.2% in the past 24 hours, reaching a price of $0.78. Similarly, XLM experienced a remarkable overnight surge of 9.6%.
XRP’s impressive performance can be attributed to recent developments in the ongoing legal battle between the United States Securities and Exchange Commission (SEC) and Ripple.
A judge has directed both parties to agree on possible dates for a settlement conference, indicating a potential resolution to the case.
Ripple secured a major victory on July 13 when the court ruled against the SEC’s claims that XRP should be classified as a security. This ruling has had a significant positive impact on XRP’s price, driving it up by almost 65% over the past week.
However, the weekend witnessed a decline in crypto prices, with Bitcoin approaching its crucial support level of $30,000 and Ethereum struggling to gain support above $2,000.
On Monday, Judge Analisa Torres, who presided over the landmark ruling, referred the case to District Magistrate Judge Sarah Netburn for the general pretrial phase.
According to documents shared by Fox journalist Eleanor Terrett, Magistrate Netburn will handle pretrial motions, discovery disputes, and oversee settlement conferences, providing recommendations to the judge for the final verdict.
Magistrate Netburn suggested that a settlement conference should be held if both parties believe it would be productive at this stage.
This news has sparked hopes that the SEC may be less likely to appeal the court’s decision, reducing the risk of further legal complications.
The upcoming settlement conference could bring about a significant turning point in the SEC vs. Ripple case, potentially leading to a resolution that could benefit both parties. Investors are closely monitoring these developments as they could have a profound impact on XRP’s future.