Ripple (XRP) is on an upward trend this week, outperforming the rest of the cryptocurrency market. The rally shows no signs of slowing down, and here are a few reasons why.
First, investors seem to be leaning bullish on Ripple winning the case against the US Securities and Exchange Commission (SEC). The SEC filed a lawsuit alleging that Ripple conducted an unregistered sale of securities and that XRP is a security. However, the recent decision by Judge Analisa Torres to deny the Commission’s request to seal documents pertaining to a speech by Bill Hinman, the director of the agency’s corporate finance division, may tilt the case in Ripple’s favor. Hinman’s speech refers to when he indicated that the SEC didn’t consider ETH security at the time. Ripple’s layers hope that the documents could provide information on how Hinman came to that conclusion and potentially impact XRP’s own classification.
Secondly, Ripple has just entered into a $250 million deal to acquire Metaco, a cryptocurrency custody provider based in Switzerland. The deal expands Ripple’s position in the world of crypto, and it aims to expand its services toward crypto custody. This development should explain XRP’s price surge in the past few days.
Finally, the question remains, will this rally continue? It’s likely that if the positive developments surrounding the case against the SEC continue, XRP’s price may continue to rise. Crypto is known for being news-driven, where announcements tend to influence the price. Only time will tell if the rally will continue.
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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