Blockchain-powered online payment platform XRP has gained nearly 60% in the past week. After briefly dipping to $0.34 five days ago, the token traded at $0.52 this morning.
Crypto influencer Ben Armstrong says he knows the reason behind this streak in the current overall crypto bear market. The multi-crypto holder took to Twitter yesterday with his 800k+ followers to share his two cents about the state of affairs.
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Influencer believes it is responsible for approaching the Ripple-SEC issue.
According to Armstrong, several factors are driving Ripple’s insane price increase. However, one main reason for the ongoing SEC court battle against the sixth strongest crypto can be traced with confidence. The influencer He tweeted. The SEC has given up a 2-year fight to prove that XRP is safe. This week, the Ripple community “can be pretty sure the worst case scenario is the best,” the tweet read.
Both sides appeared in summary judgment last weekend. In other words, Ripple and the SEC believe that sufficient evidence has been presented for an out-of-court case. They await Judge Torres’ decision on the evidence that already exists in favor of one or the other. The court battle that started in 2020 may end soon.
Ripple and the XRP community expect good judgment.
Like Ben Armstrong, the Ripple community and Ripple Labs expect good judgment. If that happens, XRP will not be considered a digital asset, rather than a security, as Ripple intended.
Another crypto influencer predicted that if this happens, the demand for the hidden crypto market will increase. David Gokshten He tweeted. If XRP wins this case, the crypto market will be parabolic. He and Ripple CEO Brad Garlinghouse believe that for XRP to win, cryptos will stand up to regulation. Thus, it increases investors’ confidence in the ailing asset.
Well activities on the XRP Blockchain are also partially responsible for the price increase.
Another reason for the surge in XRP seems to be whale movements on the platform. On-chain analytics organization, sentiment data reveal The addition of whale transactions on the Ripple blockchain.
In addition, the Whale Alert crypto tracker has revealed several anonymous transfers of large amounts of XRP over the past week. According to data, 261 million XRP was transferred and another 582 million XRP was traded. Ripple was involved in both transactions, moving 80,000,000 tokens out. In total, nearly one billion tokens were exchanged in whale trading last week.
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These two factors mentioned above are mainly responsible for the continuous outflow of XRP tokens in the past week. One can only hope that the optimism of the XRP community is right and that wave will prevail. At the time of writing, XRP is currently trading around $0.48 after briefly testing $0.52 earlier today. Coinmarketcap Data.
Featured image from Pixabay and chart from TradingView.com