Why XRP is rising today

XRP (XRP 10.51%) sees big gains in Tuesday’s trade. The cryptocurrency’s token price rose 8% over the previous 24 hours of trading as of 5:30 p.m. ET. In the meantime, the price is on Bitcoin rose 4.5%, and the price of Ethereum rose 6.2 per cent.

Adding to the bullish momentum for the crypto market today, XRP’s token price is gaining momentum amid a key deadline for legal challenges brought against Ripple by the Securities and Exchange Commission (SEC). If tomorrow comes and goes without the SEC appealing past court rulings, XRP’s token price could see even stronger bullish momentum.

XRP rises ahead of SEC appeals filing deadline

In 2020, the SEC filed a lawsuit against Ripple Labs, alleging that the company had offered its XRP as collateral to early investors. A 2023 ruling found Ripple to pay a $125 million fine in relation to the case, well below the $2 billion fine the SEC had requested in the lawsuit. The SEC has planned to appeal the ruling and is due to file a brief of its challenges tomorrow. Since the appeal has yet to be filed, investors have been buying up XRP and sending its token price higher.

What’s next for XRP?

The filing deadline for the SEC appeal case could be a significant near-term price catalyst for XRP. Although the SEC has yet to file the brief, there is still a good chance it will file tomorrow. On the other hand, there is a chance that the regulator will wait to submit the legal brief.

With the upcoming change in the President’s administration, current SEC Chairman Gary Gensler will step down from his post. Gensler is set to be replaced by Trump appointee Paul Atkins – who is generally considered more favorable to the crypto industry. With the upcoming change in SEC leadership, it is possible that the agency will not move to pursue its case against Ripple. On the other hand, it seems increasingly likely that the case will be filed — and then the appeal will be dropped when the leadership at the SEC changes. Either way, the long-term outlook on the matter looks favorable for Ripple and XRP.