Why Are XRP Prices Pumping?
Cryptocurrency prices such as ETH, BTC and XRP keep on rising. XRP, to be more specific, displayed a remarkable rebound. Last September, XRP went up by approximately 50% – from $0.32 to $0.48. Meanwhile, Bitcoin (BTC) and ether (ETH) declined to 14%. The entire market went down by 4%.
What is Happening?
Yesterday, XRP was greeted with a rise in value by 12%. It went up from $0.31 to $0.37 per token. Many people continue to think that the hike is a direct result of Ripple’s ongoing campaign by targeting the banking sector.
By encouraging banks to adopt the distributed ledger platform of Ripple, the peer-to-peer payment system is hoping to make a name for itself in the world of money transfer. XRP basically serves as an intermediary between fiat currency and Ripple’s digital asset (XRP) which can be used for real-time settlement within a span of seconds.
Investor Are Positive Towards the SEC vs Ripple Case Resurfaces
It is indeed a peaceful weekend for Ripple since there are no updates with their ongoing legal case against SEC. It was reported that Ripple’s lawyers weren’t able to provide an official statement about their case.
However, Twitter posts indicate that investors are feeling positive with the absence of SEC statements. Although some were still optimistic that a settlement can be reached between the two parties, others voiced out that the absence of information is actually a good sign towards Ripple’s favor. In fact, this is not the first time that news about Ripple and SEC haven’t been posted on social media websites like Reddit and Twitter.
The newest court ruling on William Hinman’s speech-related document will stay crucial on the decision of the court.
After hitting pause on Saturday, the latest Court ruling on William Hinman’s speech-related docs remains the pivotal Court decision to date. Indeed, there is no substantial information to update from the prior report. In fact, nothing new has been reported since Ripple’s lawsuit was filed against SEC. News about Ripple and SEC haven’t gained attention from social media for the past few days. This is a pretty good sign for the company since it means that everything is going according to their plan.
XRP is a strong currency that has kept its market position after the crash. After all, this is the most stable currency in the market. With no bad news to be heard about Ripple and SEC, investors are confident of their positions.