XRP, Ripple’s native cryptocurrency, is experiencing a resurgence in price, rallying 2.45%, as the market anticipates a key ruling in the SEC case against Ripple Labs
XRP, the controversial cryptocurrency linked to San Francisco-based company Ripple Labs, has managed to gain some momentum.
Over the past 24 hours, it has recorded a 2.45% increase in price, according to CoinMarketCap.
Other major altcoins have also recorded incremental gains over the past few days after recent losses. Bitcoin, on the other hand, remains in limbo, sitting below the $28,000 level.
The price uptick has sparked optimism within the XRP community ahead of a key ruling in the ongoing Securities and Exchange Commission (SEC) case against Ripple Labs.
Some believe that the recent price increase may be tied to the anticipated outcome of the case.
Ripple CEO Brad Garlinghouse has previously predicted that the case could be resolved in the first half of 2023.
What’s XRP’s actual all-time high?
It is worth noting that XRP is still down 86.11% from its all-time high of $3.40 which was recorded on Jan. 7, 2018, according to CoinGecko data.
The XRP community is currently engaged in a debate over what the actual all-time high price is.
David Schwartz, Ripple’s chief technology officer, recently weighed in on the matter via Twitter.
Schwartz explained that the $3.84 figure cited by some as the all-time high is misleading because it includes Korean exchange rates that valued the won at an official exchange rate, which was not obtainable in reality.
He added that it was never possible to actually obtain $3.84 for one XRP due to South Korean capital restrictions.