XRP has surged in value. As per Santiment’s most current on-chain data, XRP is topping the weekend rally with a 15% price increase, allowing it to go beyond $0.84 for the first time since February 16.

XRP is a Ripple-developed payments cryptocurrency. After a positive development in Ripple’s long-running lawsuit with the US financial authority, the XRP price has increased more than 10% in the previous 24 hours. This puts Bitcoin, Ethereum, and other big cryptos behind. 

However, although the market and investors rejoice as their portfolios rise, Santiment data shows that, given the popularity of XRP among the cryptocurrency community, it may be time to profit. Growing social attention frequently resulted in a market price reversal for the asset. 

The previous 4 social volume surges have resulted in a significant price reversal for XRP on the market, with the latest spike, on February 17, resulting in a 21% price reversal over the week. The asset approached local resistance of $0.84 and retraced down to $0.79 due to a gradual rebound on financial and digital asset markets.

The asset has been stuck in a range-bound pattern since February and has yet to move through it. However, as the Relative Strength Index for XRP enters the bullish range, the crypto market is seeing a boost in purchasing power. 

On the other hand, Bitcoin, Ethereum, and the top 10 cryptocurrencies Solana, BNB, Terra’s Luna, Cardano, and Avalanche have mostly traded sideways. The Bitcoin price dropped back under the $40,000 per Bitcoin level. 

The SEC filed a suit against Ripple, its CEO Brad Garlinghouse, and co-founder Chris Larsen, saying that Ripple and its officials sold $1.3 billion worth of XRP between 2013 and 2020 in violation of SEC guidelines.

Due to the SEC lawsuit, Ripple and the XRP price have struggled since last year. Before taking action early last year, the SEC accused Ripple of selling XRP as an unregistered security. The request to dismiss the SEC’s charges against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen was also rejected by Judge Torres.

According to Fox News, Brad Garlinghouse said, “We’re expecting some decisions from the court, you know, sooner rather than later as it relates to a couple of decisions before the court, but, look, it’s moved slowly.”

The crypto community has long urged for clearer laws.  Many are anticipating an inflow of businesses and investors when that comes. 

In emailed statements, Scott Sheridan, the CEO of Tastyworks, a trading platform, stated that some legislative clarification is needed in this field for institutions to become engaged. It offers many opportunities if there is transparency and more market participation.