In the past week, the currency for the cryptocurrency-powered, online payment platform, called XRP, gained nearly 60%. The token briefly fell to $0.34 5 days ago but has since rebounded and is now trading at $0.52.
Ben Armstrong is a cryptocurrency influencer and claims to understand the reasons behind the continued climb in the crypto bear market. He shared his thoughts on the current state of affairs with 800k+ followers via Twitter yesterday.
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Influencer Thinks Ripple-SEC Cases Are Coming Soon
According to Armstrong, multiple factors are causing Ripple’s insane price surge. Armstrong can however confidently point out one reason for the continuing SEC court battle against the sixth-strongest crypto. Influencer tweeted The SEC gave up its two-year battle to make XRP a security. As of this week, the Ripple community “can be pretty confident the worst-case scenario is a fine,” the tweet reads.
Both parties to the case filed for summary judgement last weekend. SEC and Ripple believe that enough evidence was presented to support a decision outside of a court case. They wait for Judge Torres’ decision supporting one side or the other based on already available evidence. It is possible that a court battle which began way too early in 2020 will end soon.
Ripple, XRP and XRP Community Can Expect A Positive Verdict
Ripple Labs, like Ben Armstrong are hopeful of receiving a favorable ruling. If this happens, XRP won’t be treated as a security but as a digital asset. Just like Ripple had intended.
Another cryptocurrency influencer said that the bullish crypto market will benefit if it happens. David Gokhshtein tweetedIf XRP is successful, it’s likely that crypto markets will plunge. He and Brad Garlinghouse, Ripple’s CEO, believe a win for XRP would stamp cryptos stand with regulation. Consequently, it would increase investors’ faith in the ailing asset.
Price Boost also Partially attributable to Whale Movements
The whale movement on the platform is another reason why XRP has risen. On-chain analytics firm, Sentiment data revealRipple has seen an increase in transactions involving whales.
Whale Alert’s crypto tracker has also shown multiple anonymous transfers of substantial amounts of cryptocurrency in the last week. The data showed that there was a 261,000,000 XRP exchange and another 582,000,000 XRP transaction. Ripple played a role in both transactions by moving 80,000,000 tokens abroad. Whale transactions were worth close to a trillion tokens last week.
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These are the main factors behind the steady climb in XRP tokens during the past week. One can only wait to see if the XRP community’s optimism is indeed rightly placed and that ripple will indeed win the case. The current price of XRP after testing $0.52 just earlier in the day, is $0.48. Coinmarketcap data.
Featured image taken from Pixabay. Chart from TradingView.com