Why did XRP rose by 9 % weekly and will the climb continue to rip?
Why did XRP rose by 9 % weekly and will the climb continue to rip?
ripple (XRP) is the leader this week, as the rest of the market either continues to consolidate or act in a merciless upswing. The cryptocurrency has exceeded expectations and is in the upward trend, whereby there is hardly any signs of slowing down.
Here are some possible reasons why and whether this rally could go on.
lawsuit against sec gets roles Ripple’s favor
It seems that the main reason for the increase in the XRP price is that investors are apparently optimistic Ripple won the case against the US stock exchange supervisory authority Securities and Exchange Commission.
remember that the SEC submitted a corresponding lawsuit Ripple carried out a non -registered sale of securities and essentially claimed that XRP was a securities.
This week, judge Analisa Torres rejected the commission's application to seal documents on a speech by Bill Hinman - the director of the agency's company financing department. This is the third time that this specific application was rejected. So the question is: why is it so important for the SEC to seal these records? Well, it's pretty simple.
William Hinman is a former director of the SEC Division of Corporation Finance. The speech in question refers to the time when he pointed out that the agency did not take into account the security of the ETH at that time, and Ripple layers fought to find out more about how he came to this conclusion. You hope that this could have an impact on your own classification of XRP.
Richter Torres says that the documents should be accessible on the basis of the Common Law principle of public access to court documents:
documents are considered "judicial documents" if "they are relevant for the perception of judicial function and are useful in the legal proceedings". […] The relevance of a certain document does not depend on how the court ultimately decides or whether the document ultimately actually has an impact on the court's decision. Rather, it is important whether a document would "reasonably have a tendency to influence the decision of a district court through an application".
250 million dollar metaco deal completed
Another positive development for Ripple, and therefore XRP, means that the company has completed a $ 250 million deal to take over Metaco. The latter is a provider for the custody of cryptocurrencies based in Switzerland.
The deal aims at an expansion from the ripplest strength its position in the world of cryptocurrencies by extending its services to crypto custody.
Speaking of deal: Ripple CEO Brad Garlinghouse said:
"Metaco is a proven market leader in the field of institutional custody of digital assets with an extraordinary management team and a really unsurpassed customer record. The strength of our balance sheet and financial situation, Ripple we will continue to expand our lead in the areas that are of crucial importance for the crypto infrastructure. growing global presence of enormous importance. ”
The above can finally explain the price increase of XRP in the past few days, but the question is: will it stop? This is a question that can only be answered over time, but if the positive developments related to the case against the SEC stop, this could also have a reasonably positive effect on the price. After all, cryptocurrencies are known for the fact that they are news -controlled and announcements, whether good or bad, tend to influence the price.
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