- Binance.US prevailed against the SEC’s application for a TRO when Judge Jackson consented to continued operations in the US.
- The victory has kept XRP holders’ eyes peeled as chatter over an imminent ruling continues.
- Crypto fund manager Thomas Kralow set a bullish target of $30 for XRP if Ripple wins.
- Post-Binance’s announcement, the number of people revisiting Kralow’s prediction has mushroomed.
Binance.US received consent from Judge Amy Berman Jackson to continue operating in the United States. This approval invalidates a June 13 application by the US Securities and Exchange Commission (SEC) for a temporary restraining order (TRO) against the exchange to freeze its US assets.
Also Read: Breaking: Binance to continue US operations
Binance.US victory excites XRP community
Binance.US is set to continue operating in the US after the court ruled in favor of Binance.com’s petition to transfer all assets belonging to the US subsidiary to new wallets. The wallets will be under the sole control of executives at the US-based entity, which means the ruling severs the link of control between the two entities.
We want to provide an update on the current battle https://t.co/AZwoBOh0gq finds itself in with the SEC. We are pleased to inform you that the Court did not grant the SEC’s request for a TRO and freeze of assets on our platform which was clearly unjustified by both the facts and…
— Binance.US (@BinanceUS) June 17, 2023
The victory has reinvigorated the desperation among the XRP community for a victory of their own. As previously stated, a win for one against a common aggressor in the crypto playing field is perceived as a win for all, and if not, it tips the odds in disfavor of the aggressor. For clarity, the aggressor, in this case, is the SEC.
Following the announcement, the XRP community now sees their own victory as being closer than ever. This is evidenced in the number of searches around the Ripple vs. SEC lawsuit, with a special focus on expert predictions about what the win would mean for Ripple price.
As FXStreet reported on June 16, Kralow Capital founder and manager Thomas Kralow said in an interview that XRP price could reach $30 if Ripple wins the SEC lawsuit.
Currently, we observe huge speculative narratives around Ripple, which could potentially lead to a significant price increase for XRP in the next three to four months, pushing its value to anywhere between $10 and $30.
According to the hedge fund manager, Ripple price is largely influenced by the SEC lawsuit against the payment giant. This explains why the XRP holder community is closely watching the updates to determine the direction in which the altcoin is headed.
On-chain metric signals skyrocketing social dominance
According to Santiment, Social dominance is an on-chain metric that “shows the share or percentage of an asset’s mentions on crypto-related social media, compared to a pool of over 50 most popularly talked about projects.” Based on this metric, XRP spiked from 0.41% on June 17 to 2.50% in social media mentions around the time when the Binance.US approval news came out. This represents a 509% increase as XRP holders visualize a win of their own.
At the time of writing, this metric shows XRP accounts for 2.26% of the share of mentions, denoting a 451% rise from the June 17 reading.
On a monthly timeframe, the percentage of social media mentions has surged from 1.20 on May 18 to the current reading of $2.36. This constitutes a 96.6% increase that still bodes well for Ripple price.
At the time of writing, XRP is auctioning for $0.48, a daily rise of almost 1% and a 5% increase over the last month. It also represents a 56% climb from the rate recorded a year ago.