XRP Gains Momentum Toward $5 Amid SEC Appeal Challenges, BYDFi Stays Investor Favorite

January 16, 2025

Victoria, Seychelles, January 16th, 2025, Chainwire

Recently, despite the pressure due to the appeal of the U.S. Securities and Exchange Commission, XRP has shown strength, with market sentiment reaching new highs. Multiple positive factors have driven XRP’s price to soar, and analysts are optimistic about its prospects, predicting a potential breakthrough of the $5 milestone. In this regard, BYDFi has consistently retained its position as the go-to trading platform for XRP investors, thanks to its robust user base and superior trading matching system.

What you'll learn 👉

SEC’s Appeal Fails to Shake Ripple’s Confidence

On January 15, 2025, the SEC formally filed an appeal with the Second Circuit Court to overturn Judge Analisa Torres’ July 2023 ruling. The SEC argues that Ripple’s sale of XRP to retail investors qualifies as an unregistered securities offering. Using the Howey Test, the SEC claims Ripple’s promotional activities created profit expectations, thus constituting an investment contract.

Ripple’s Chief Legal Officer Stuart Alderoty responded:

“As expected, the SEC’s appeal brief is a rehash of already failed arguments –and likely to be abandoned by the next administration. We’ll respond formally in due time. For now, know this: the SEC’s lawsuit is just noise. A new era of pro-innovation regulation is coming, and Ripple is thriving.”

This legal battle, ongoing since December 2020, remains one of the most closely followed developments in the crypto industry.

XRP’s Technical and Sentiment Synergy Drives a Bullish Outlook

Despite the SEC’s appeal, XRP’s market performance has remained unshaken, exhibiting a strong bullish trend. As of now, XRP is priced at $3.2657, marking a 7-year high. Its 24-hour trading volume has surged to nearly $25 billion, with a total market capitalization of $187.485 billion, surpassing USDT and ranking third globally among cryptocurrencies.

Technical analysis indicates that XRP has broken past key resistance levels, with bulls firmly in control. In a favorable macroeconomic environment, XRP is expected to challenge the $5 target in the near term.

Global Search Trends and Whale Activity Boost XRP Confidence

XRP’s global search popularity has surpassed Bitcoin on Google, reflecting heightened market interest. This suggests investors may be shifting capital from Bitcoin to XRP, further fueling optimism.

Data from analytics firm Santiment shows a continuous increase in whale interest in XRP. Since November 12, addresses holding 1 to 10 million XRP have added 1.4 billion tokens, worth over $3.8 billion. Even during price consolidations following early 2024 highs, whales maintained their accumulation behavior signaling that XRP’s appeal to institutional and large-scale investors is steadily increasing.

XRP’s strong performance is not only attributed to positive legal developments but also its expanding ecosystem. The potential approval of an XRP spot ETF is a core driver of market optimism. According to a JPMorgan report, an approved ETF could attract $4 billion to $8 billion in net new assets.

BYDFi Exchange: The Top Platform for XRP Investors

As XRP continues its upward trajectory, BYDFi stands out as the preferred platform for investors, thanks to its cutting-edge technology and strong user foundation.

Comprehensive Trading Options: BYDFi offers spot trading, perpetual contracts, and leveraged tokens, providing a flexible trading environment for users.
Low Fees and Efficient Matching System: Investors highly praise BYDFi for its competitive fees and high-speed matching system.
Trusted and Reliable: On social media and in professional communities, investors generally view BYDFi as a stable, secure, and efficient trading service, making it the ideal choice for XRP investment.

Michael, Co-Founder of BYDFi, stated:

“In the fast-evolving global crypto market, we remain committed to user-centric innovation. With low fees, high liquidity, innovative trading features, adherence to global compliance standards, and multi-layered security measures, BYDFi provides a world-class trading experience, helping users seize market opportunities.”

Currently, BYDFi is offering a special welcome bonus of up to 8,100 USDT for new users. Visit the official BYDFi website or download the app for more details.

About BYDFi

Founded in 2020, BYDFi is ranked among Forbes’ top 10 global crypto exchanges and trusted by over 1,000,000 of users worldwide. The platform supports over 600 cryptocurrencies for spot trading and offers perpetual contracts with leverage ranging from 1x to 200x, meeting diverse user needs. Strategic partnerships with leading payment providers like Banxa, Transak, and Mercuryo simplify the crypto purchasing process, ensuring low-cost transactions.