XRP's price surged above $1, nearly doubling this week, amid ongoing legal issues for the U.S. Securities and Exchange Commission (SEC) and the anticipation of a more favorable regulatory environment. The cryptocurrency saw a significant increase of over 27%, reaching a high of $1.27, the highest point since November 2021, with market capitalization rising to $63.59 billion. This surge in price aligns with bullish trends in the options market and increased futures open interest, indicating strong investor confidence. Recently, a lawsuit filed by a group of states and the DeFi Education Fund challenges the SEC's authority over the classification of digital assets, potentially affecting the ongoing Ripple case. The SEC had previously accused Ripple Labs of conducting an unregistered securities offering, but a court ruled that XRP sales on public exchanges do not constitute securities. The ongoing legal battle and regulatory shifts are key factors driving XRP's current momentum.

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