2 Possible Reasons Why Ripple (XRP) Price Skyrocketed 50% in a Week

Read full article at CryptoPotato.

XRP is the best-performing cryptocurrency in the past seven days, and it’s not even close. Trading at around $0.50, it’s up by more than 50%, leaving all other major altcoins in the dust.

This has had the entire community speculating on possible reasons, so we take a look at two of them that might have caused the surge.

The Ripple-SEC Case

The case between the US Securities and Exchange Commission and Ripple is one that the entire industry is looking at, for the way it ends might have serious implications on other projects as well.

However, Ripple’s legal counsel has demonstrated a predominantly confident stance that XRP is not, by any means, security and has even gone so far as to attack the Commission, citing lack of “investment contract” granting investors rights.

As CryptoPotato reported a few days earlier, Ripple alleged that the SEC’s “untethered position” could deem the sale of all types of ordinary assets, including commodities such as gold, diamonds, soybeans, and so forth – into sales of securities. The company’s counsel also added that the watchdog hasn’t received such authority by Congress.

Interestingly enough, both Ripple Labs and the Securities and Exchange Commission filed two separate motions that called the Southern District Court of New York to make an immediate ruling on whether the XRP sale violated the securities regulations.

This means that, if put forward, the case won’t go any further and may be resolved as quickly as the next few months.

This has obviously had a very positive impact on XRP’s price, and it appears that the market is expecting a positive outcome.

img1 xrp chart 2309
Source: Binance via TradingView

Whales Accumulate XRP

Data from the popular crypto resource Santiment also reveals that large XRP addresses have been in accumulation mode for quite a while.

This has resulted in the price of XRP hitting a one-year high against BTC at 0.000025 BTC. The analytics resource also seems to be of the opinion that the main reason for that is the continued optimism of a potential settlement between the SEC and Ripple.

Active shark and whale addresses holding 1m to 10m XRP have been in accumulation pattern since late 2020.

Source: Twitter

The post 2 Possible Reasons Why Ripple (XRP) Price Skyrocketed 50% in a Week appeared first on CryptoPotato.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

Related articles

Worldwide Crypto Adoption Jumps Over 2300% Since 2019: Chainalysis

Read full article at Coingape. New York-based blockchain data analytics platform Chainalysis revealed on Wednesday that global cryptocurrency […]

Learn More

US lawmaker lays out case for a digital dollar

Read full article at Cointelegraph.com News.Connecticut House of Representatives member Jim Himes has released a proposal aiming to […]

Learn More

PrimeDAO raises $2M to build cooperative platform for DAOs

Read full article at Cointelegraph.com News. PrimeDAO has raised $2 million from DeFi funds that share its vision […]

Learn More