Crypto NewsRipple (XRP)

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

                                                            XRP ist die leistungsstärkste Cryptowährung der letzten sieben Tage, und das nicht einmal annähernd.  Mit einem Kurs von etwa 0,50 $ ist er um mehr als 50 % gestiegen und lässt alle anderen wichtigen Altcoins hinter sich.

This has got the entire community speculating about possible reasons, so let’s take a look at two that may have caused the spike.

The Ripple SEC case

The case between the US Securities and Exchange Commission and Ripple is one that the entire industry is watching because the way it ends could have serious implications for other projects as well.

However, Ripple’s legal counsel has shown a mostly confident stance that XRP is by no means a security, even going so far as to attack the commission, citing the lack of an “investment treaty” granting rights to investors.

As CryptoPotato Reported a few days ago, Ripple claimed that the SEC’s “unbound position” could consider the sale of all types of ordinary assets, including commodities such as gold, diamonds, soybeans, etc., as a sale of securities. The company’s attorney added that the watchdog had not received such authority from Congress.

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

This means that if the case is brought up, it will not move forward and may be resolved as quickly as it will in the next few months.

This has obviously had a very positive effect on the price of XRP and it seems that the market is expecting a positive outcome.
2 Possible Reasons Why Ripple (XRP) Price Skyrocketed 50% in a Week, Crypto Trading News Binance via TradingView

Whales collect XRP

Data from popular crypto resource Santiment also shows that large XRP addresses have been in accumulation mode for quite some time.

This has caused the price of XRP to decline BTC reached an annual high of 0.000025 BTC. The analytics resource also seems to think that the main reason for this is continued optimism of a potential settlement between the SEC and Ripple.

Active shark and whale addresses with 1 to 10 million XRP have been in an accumulation pattern since the end of 2020.
2 Possible Reasons Why Ripple (XRP) Price Skyrocketed 50% in a Week, Crypto Trading News Twitter

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Source: Crypto News Deutsch

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