Ripple Labs-backed XRP has attempted to return to bullishness in recent days amid heightened crypto volatility and forced liquidations. While Bitcoin (BTC) price fell by around 3.2 percent over the past seven days, trading at around $65,200 on Wednesday, XRP price jumped over 2 percent over the same period, trading at around 49 cents at the time of this reporting.
Improved legal clarity for Ripple
The large-cap altcoin, with a fully diluted valuation of around $49 billion and an average daily trading volume of around $1.4 billion, has benefited significantly from improved regulatory clarity in the United States.
Earlier this week, the U.S. Securities and Exchange Commission (SEC) told the court that Ripple should be fined $102.6 million for violating securities laws in its XRP sales to institutional investors. However, Ripple continues to push for a $10 million fine based on other similar settlement cases.
In addition, the presiding judge ruled last year that selling XRP on exchanges does not violate securities laws.
Global spread
Ripple has continued to focus on global expansion to enable seamless cross-border payments through XRPL. Recently, Ripple completed the acquisition of Standard Custody to expand its global Web3 portfolio, which includes Metaco.
The blockchain payments company has also continued its bid 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 risen sharply in recent days in parallel with the underlying asset due to recent settlement news from the U.S. Securities and Exchange Commission (SEC).
If the OI of XRP continues to rise in the coming weeks, the altcoin is likely to rise above the resistance area between 54 and 58 cents.
