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XRP price is rallying following a legal win in India. The Madras High Court held that XRP and other cryptocurrencies are considered property under Indian law. At the same time, analysts highlight XRP’s structural strength, as evidenced by on-chain data that confirms robust network activity and institutional engagement.
India’s Court Recognizes XRP as Property
Justice N. Anand Venkatesh of the Madras High Court declared that cryptocurrencies are movable and identifiable property. He emphasized that assets like XRP can be owned and controlled via private keys, thereby giving them clear legal ownership rights.
The case involved an investor who purchased 3532 XRP tokens on the WazirX exchange before a major hack on Ethereum and ERC-20 tokens. The investor’s assets were frozen after the attack, but the court found that XRP was not affected as it operates on a different blockchain.
Justice Venkatesh declined WazirX’s contention that its Singapore-based parent company should deal with the dispute. He ruled on the full jurisdiction of Indian courts on the ground that the transactions took place using Indian banking channels. The case is also significant as it is the first instance in which an Indian court accepted XRP as property under local law.
Court Calls for Better Industry Governance
Justice Venkatesh called for improved governance across India’s crypto industry. He recommended that exchanges maintain clear segregation of funds, conduct regular audits, and adhere to anti-money laundering and know-your-customer (KYC) standards.
He also clarified that crypto assets are no longer speculative transactions under the Indian Tax Law. Section 2(47A) of the Income Tax Act defines cryptocurrencies as virtual digital assets, which have quantifiable ownership rights.
The judgment establishes a powerful precedent that could influence how crypto assets are treated in future legal disputes. It also strengthens the XRP’s case to be a legally valid digital property, which may make it appealing for institutional participation across jurisdictions.
XRP Price Supported by On-Chain Metrics
Analyst Tyler Hill noted a 29% spike in the burn rate of XRP, which was matched by a 29% price increase. This synchronization is an indication of increasing demand for network usage and investor engagement.
Hill said that the momentum behind XRP is not purely speculative. The network is growing in its real-world application with Ripple Prime, Ripple’s institutional service platform. This integration builds the transactional relevance of XRP in the global finance ecosystem.
According to CryptoQuant data, the burn acceleration of XRP indicates that the network use is increasing. Burn rates are a measure of transaction activity by removing tokens from supply to increase scarcity over a period of time. Hill said this combination of burn growth and price surge demonstrates a structural improvement, rather than short-term hype.
Analysts See a Move Toward $3
CryptoWZRD posted a bullish technical outlook on XRP. The analyst noted that the weekly chart remains strong, with resistance levels at $2.75 and $3.15.
A breakout above $3.65 could indicate a rally towards $4.60-$4.70, indicating a new price expansion. Short-term pullbacks near $2.55 are possible, but holding said support could lead to the next upward move.
The analyst explained that the chart structure of XRP looks similar to the previous recovery, which occurred during strong upcycles. Sustaining momentum near $2.60 could represent confirmation of market confidence and cater to new long positions.
