XRP Price Shoots 30% Crossing Major Resistance, Will Ripple Win the SEC Case? latest News

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Ripple’s native cryptocurrency XRP has been on a roll over the past week, defying broader market momentum and making huge gains. At press time, XRP is trading up 30% above the key $0.50 resistance level over the past 24 hours.

This Token Has Surged 20 In The Crypto Crash By CryptomarketBag

With this, XRP has also increased its weekly gains by over 62%. The latest price move comes as the crypto community expects a positive outcome of Ripple’s legal battle with the SEC. XRP has now become the sixth largest crypto by market cap and is eyeing a spot in the top five.

Moreover, the accumulation of XRP by whales is reaching new highs. As on-chain data provider Sentiment explains:

price ratio of $XRP, $BTC has reached a one-year high of 0.000025 on continued optimism of a possible settlement of #Wave with #sec, The addresses of active sharks and whales range from 1m to 10m. are up to $XRP Has been in an accumulation pattern since the end of 2020.

XRP BTC CryptomarketBagXRP BTC CryptomarketBag
credit: sentiment

Ripple CEO on Recent Events

Back in December 2020, the US SEC sued Ripple stating that the sale of XRP via the 2013-ICO is subject to securities law. However, Ripple has been defending its position for almost two years, claiming that securities laws have not been violated.

During his appearance on Fox News on Thursday, Ripple CEO Brad Garlinghouse quoted the judge as saying:

“SEC is not following the law in pursuit of a result. The SEC has lost its way to be cuckoo for cocoa puffs”.

He further added that Ripple does not have any investment contracts for XRP to qualify as a security. garlinghouse too touched to Hinman speech that the SEC has been blocking access to for some time.

Ripple CEO also spoke about Jamie Dimon’s recent comments calling the cryptocurrency market a Ponzi scheme. Garlinghouse said that greats like Jamie Dimon and Warren Buffett have been attacking crypto over the past two years. But he added that “we have reached the point where the industry is not going away and we are here to stay”.

Bhushan is a fintech enthusiast and has a good grasp of the financial markets. His interest in economics and finance draws his attention to the newly emerging blockchain technology and cryptocurrency markets. He is constantly in the process of learning and keeps himself motivated by sharing his acquired knowledge. In his spare time he reads thriller fiction novels and occasionally explores his culinary skills.

XRP Price Shoots 30 Crossing Major Resistance Will Ripple Win CryptomarketBagXRP Price Shoots 30 Crossing Major Resistance Will Ripple Win CryptomarketBag

The material presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication has no responsibility for your personal financial loss.

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