Ripple (XRP) has risen by 3.4% to $0.4886 this week, outperforming Bitcoin (BTC), which has added 1.1% to $62,689. A series of positive developments have fueled this surge, pushing XRP prices higher. On June 20, U.S. District Court Judge Phyllis Hamilton of the Northern District of California dismissed most of a class action suit against Ripple. This legal victory alleviates some of the regulatory pressures that have been weighing on XRP. Additionally, Dubai recently approved Ripple for global transfers, expanding its use case and adoption, which is a significant milestone for Ripple's international operations.

Ripple unlocked 1 billion XRP for sell-off on July 1, potentially increasing liquidity in the market. Following Judge Hamilton's ruling, the SEC was forced to reduce its settlement offer to Ripple. Despite this, Ripple rejected a reduced $102 million settlement offer from the SEC, demonstrating its commitment to defending its interests and possibly signaling confidence in its legal standing.

XRP prices are approaching the key resistance level of $0.5000. Breaking through this level could pave the way for further gains. The ongoing question remains whether Ripple is classified as a security or a commodity. This legal determination will significantly impact its future growth targets. A classification similar to Bitcoin or Ethereum (as a commodity) could enhance its market appeal and regulatory flexibility.