Ripples Legal and Expansion Successes Drive XRP Price Up Can It Surpass 54 Cents

Ripple Labs-supported XRP has been striving to regain a positive outlook in recent days amidst increased cryptocurrency volatility and forced liquidations. While the price of Bitcoin (BTC) has fallen by approximately 3.2 percent in the last week to reach around $65,200 on Wednesday, the price of XRP has increased by over 2 percent in the same period to hover around 49 cents at the time of this report.

Enhanced 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 greatly benefited from improved regulatory clarity in the United States.

Earlier this week, the US SEC informed the court that Ripple should face a $102.6 million fine for violating securities laws in the XRP sales to institutional investors. However, Ripple has continued to advocate for a $10 million fine based on other similar settlement cases. Additionally, the presiding Judge ruled last year that XRP sales on exchanges do not violate any securities laws.

Global Expansion
Ripple has maintained its focus on a global expansion effort to facilitate seamless cross-border payments via XRPL. Recently, Ripple finalized the acquisition of Standard Custody to expand its global web3 portfolio that includes Metaco. The blockchain payment company has also continued its efforts to develop XRPL to enable multi-chain tokenization of real-world assets (RWA).

XRP Price in the Spotlight
According to crypto research firm CryptoQuant, Open Interest (OI) in XRP has surged in the past few days in line with the underlying value due to the recent settlement news from the U.S. SEC. If XRP’s OI continues to rise in the coming weeks, the altcoin is likely to rally beyond the resistance range between 54 cents and 58 cents.

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Price Analysis
Ripple (XRP)