Ethereum
Ripple (XRP) Dominates Ethereum (ETH) on This Front: Details
TL;DR
- According to data from Google, Ripple’s native token has recently enjoyed a surge in global interest, in addition to recording double-digit weekly price gains.
- The ongoing legal battle between Ripple and the SEC could be close to being resolved, with some experts predicting a settlement before the end of the summer.
XRP Success
Ripple’s XRP has been in the headlines lately due to its price appreciation over the past week. It hit a nearly four-month high of over $0.63 on July 18 before falling back to the current $0.60.
The token’s weekly gain is around 12%, surpassing Bitcoin (BTC) and Ethereum (ETH), whose gains for the same period are 6% and 3%, respectively.
In addition to these impressive gains, Ripple’s native token has attracted the attention of retail investors. Google Trends data shows that searches for “Ripple (XRP)” have increased over the past two weeks, possibly due to the price rally, and have dominated queries for “Ethereum (ETH)” for nearly a month.
The countries most intrigued by XRP are Australia, South Africa, Belgium, Cyprus and Switzerland.
Interest in XRP vs ETH, Source: Google Trends
It is worth noting that interest in ETH has been increasing in recent days and may soon reverse the current trend. One factor contributing to such a potential development could be the official launch of Ethereum spot exchange-traded funds (ETFs) in the United States and the hype surrounding the initiative.
The five products that will begin trading today (July 23) are the 21Shares Core Ethereum ETF, the Fidelity Ethereum Fund, the Invesco Galaxy Ethereum ETF, the VanEck Ethereum ETF, and the Franklin Ethereum ETF.
Ripple’s lawsuit against the SEC
Another element that is likely to further fuel interest in XRP is the rise of the legal battle between Ripple and the United States Securities and Exchange Commission (SEC) and rumors of an upcoming resolution.
The two entities have been at loggerheads for more than three and a half years. The case will enter the trial phase in April. While its official end could be extended indefinitely due to possible appeals from both sides, some have suggested that an outcome could be imminent.
American lawyer Fred Rispoli together July 31 is a possible date for a settlement, while Jeremy Hogan believes the news could be announced before the end of the summer. Ripple CEO Brad Garlinghouse also weighed in, saying a resolution is “very close”:
“The judge’s decision was clear. There is one final issue to be resolved regarding these investment contracts sold to institutions. We expect a resolution very soon, but we cannot predict exactly when the judge will rule on this matter.”
For those curious to learn more about the specifics of the case and its potential impact on the price of XRP, please check out our dedicated video below: