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

XRP has been the most-performing cryptocurrency over the past seven days. It’s nowhere close. It trades at $0.50 and has risen by more than half, leaving behind all major altcoins.

The community has been speculating about possible causes. We take a look at two possibilities.

The Ripple-SEC Case

Ripple and the US Securities and Exchange Commission are two cases that industry professionals are closely watching. The outcome could have significant implications for other projects.

Ripple’s legal counsel, however, has shown a preponderant confidence in XRP’s security. He has even attacked the Commission, citing a lack of an “investment contract” granting investors right.

CryptoPotato had reported that Ripple claimed that the SEC’s untethered position could allow the sale of any type of ordinary assets – including commodities like gold, diamonds and soybeans – to be considered securities sales. Counsel for the company also stated that Congress has not given such authority to the watchdog.

Surprisingly, Ripple Labs and Securities and Exchange Commission both filed separate motions calling the Southern District Court of New York for an immediate ruling on whether or not the XRP sale was in violation of the Securities Regulations.

If the case is not referred, it won’t be reopened and could be closed in the next few months.

This clearly has had a significant impact on XRP’s prices, and it seems that the market expects a positive outcome.

Source: TradingView, Binance

Whales accumulate XRP

Santiment data also shows that large XRP addresses were in accumulation mode for quite some time.

The price of XRP has risen to 0.000025 BTC, a record high for the past year. Analytics resource seems to believe that this is due to the optimism surrounding a possible settlement between Ripple and the SEC.

Since late 2020, active shark and whale addresses with 1m-10m XRP have been in an accumulation pattern.

Source: Twitter

CryptoPotato’s first post, 2 Reasons Ripple (XRP), Price Skyrocketed 50% in One Week, appeared first on CryptoPotato.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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