The price of the native token of the XRP Ledger, $XRP, has seen its best daily percentage gain in three months after the U.S. Securities and Exchange Commission (SEC) dropped securities violations charges against Ripple’s executives, and as smart money moves in.

Market data shows that XRP, the world’s fifth-largest cryptocurrency by market capitalization, jumped over 6% to trade at $0.52 after it was revealed in a court filing that the SEC dropped its claims that Ripple’s top executives helped the company break federal securities laws by selling XRP, ending a trial that was set for next year and giving Ripple another win in the ongoing lawsuit.

The filing said that the SEC and executives, Ripple’s CEO Brad Garlinghouse and Executive Chairman Chris Larsen, agreed to voluntarily dismiss the charges permanently. The SEC will still pursue its claims against Ripple, the filing said.

The price rise saw the cryptocurrency briefly surpassed the $0.53 mark for the first time in over a week, outperforming most other altcoins. According to on-chain analytics firm Santiment, the rise can largely be attributed to “smart money” investors who hold between 10,000 and 10 million XRP, which have been accumulating rapidly to now hold 29.5% of the cryptocurrency’s supply.

As CryptoGlobe reported, popular cryptocurrency market analyst Dark Defender has recently revealed they remain optimistic on the price of XRP, holding onto a bold $5.58 price target which would mean a rally of over 1,000% from the cryptocurrency’s current level.

On top of that, Linda P. Jones, a former Morgan Stanley executive with an extensive background in investment banking, shared her nuanced analysis on social media, revealing she is now even more bullish on XRP after Coinbase launched XRP perpetual futures for non-US investors, among other derivatives.

Featured image via Unsplash.