With Bitcoin rising 20% to $35k in the last week, several analysts have declared the start of the cryptocurrency bull market. Meme currencies like Floki and Pepe have surged over 80%, and altcoins like Chainlink, Injective, and Solana have all shown signs of power.
But other investors are concerned about XRP’s price activity, particularly in light of Ripple’s string of court wins against the SEC. Even if XRP’s non-security status is still legally recognised, the token has only increased in value by 4% in the last week.
Predicting XRP’s Future: A Closer Look at the $1 Milestone,Predicting XRP’s Future: A Closer Look at the $1 Milestone
The price of XRP is presently hovering at $0.54, a far cry from the $0.85 peak that followed Ripple’s initial triumph over the SEC. In spite of Ripple and Uphold’s collaboration to improve international payments, the token’s value has decreased by 1.2% in the last day.
Bulls continue to believe that XRP will reach $1 before the year is out, although this will probably need Bitcoin to show a sharp increase in price over the next several weeks.
However, Bitcoin Minetrix, a brand-new cryptocurrency, is still showing strength in its presale, having raised $2.6 million in less than a month.
XRP Price Action Is Still Mild Despite the Bull Rally in Bitcoin
Ripple has won more legal battles with the US Securities and Exchange Commission than any other cryptocurrency startup over the last few months.
Judge Torres of the SDNY District Court found in July of this year that whereas programmatic sales of XRP by Ripple did not violate the Securities Act, institutional sales did. This effectively declared XRP to be non-securities.
The SEC was subsequently dealt another setback when she turned down its request for an interlocutory appeal of her earlier decision. The SEC has since withdrawn its legal action against Chris Larsen, a co-founder of Ripple, and CEO Brad Garlinghouse.
However, because Ripple’s institutional sales did breach the Securities Act, the SEC is requiring the company to pay $770 million in settlement. It is anticipated that the business would dispute the sum.
Although the agency has not yet reacted, there are rumours that the SEC may file an appeal of Torres’ decision once more. For the foreseeable future, XRP’s non-security status is, in essence, unchangeable.
However, the token hasn’t shown any significant gain in the last week, even though the prices of other well-known cryptocurrencies have surged. XRP fell sharply in the next several days after failing to break the $0.60 price barrier, after rising to the week high of $0.58.
Trader @xrp_prime draws attention to the fact that XRP had little daily trading activity during periods of increased liquidity for Ethereum and Bitcoin. Additionally, he discloses that in order for XRP to overcome significant obstacles, Bitcoin must continue to rise in the upcoming weeks.
Predicting XRP’s Future: A Closer Look at the $1 Milestone,Predicting XRP’s Future: A Closer Look at the $1 Milestone,Predicting XRP’s Future: A Closer Look at the $1 Milestone, XRP coin Crypto news, XRP coin News