While Bitcoin’s price is making a statement this week, Ripple is continuing to triumph over the US SEC.
It would be an understatement to say that the last seven days have been eventful. Numerous significant changes occurred in the cryptocurrency industry, which now has a total valuation of about $1.14 billion.
Having said that, the price of Bitcoin fluctuated greatly. The main cryptocurrency was trading at about $27,000 at this time last week—or, if we have to be exact, slightly less than that. Over the course of the weekend, it crossed $27,000, but the activity really picked up on Monday. Bitcoin shot up to almost $28.5K.
Bitcoin Surges to $28K as Ripple Triumphs in SEC Battle,Bitcoin Surges to $28K as Ripple Triumphs in SEC Battle
Sadly, the bears gained momentum and drove the price down towards $27K in the next days as the bulls were unable to keep up their pressure. Since then, there has been back and forth, but a few hours ago, the price spiked up to $28,000 once more, and it is currently attempting to overcome this crucial level in order to reach $30,000.
But it wasn’t the week’s big news.
The US Securities and Exchange Commission and Ripple are still in litigation. Analisa Torres, the presiding judge, took the decision earlier this week to reject the SEC’s request for an interlocutory appeal of a decision she had rendered earlier in July.
The decision in question established that XRP secondary sales do not qualify as investment contracts. This effectively implies that secondary XRP sales are not treated as securities by the court, a ruling that was widely hailed as a victory for the cryptocurrency and caused its price to surge.
Now, the price of XRP surged once again, rising by almost 10% on the day the decision was made but then falling.
Easily one of the most significant cases for the business as a whole, this one is also one of the most fascinating.
It will be interesting to watch what the market does over the following week and if Bitcoin can establish itself over $28,000 or whether getting to that level will be too difficult.
Bitcoin Surges to $28K as Ripple Triumphs in SEC Battle,Bitcoin Surges to $28K as Ripple Triumphs in SEC Battle,Bitcoin Surges to $28K as Ripple Triumphs in SEC Battle