After four months of dormancy, XRP bulls are making a sudden awakening. The price of the coin records a jump of more than 25%, and in just one day. Is this the beginning of a major rally, linked to the imminent conclusion of the legal battle with the SEC?
Optimism around Ripple attracts XRP investors
The first day of the calendar spring brought a huge revival on the XRP chart. The coin behind the company Ripple saw a surge in its value of nearly 25.5%. At its peak, the movement even exceeded 30%. Social media began to be flooded with a wave of questions about what is the reason for such a dynamic shot, appearing, moreover, after four months of very dull price action. There are many indications that behind this revival is the nearing conclusion of the SEC vs. Ripple court case.
There have been several indications suggesting not only an end to the trial, but even mildly favoring Ripple. The first is that Judge Analisa Torres issued a key ruling in the case. It concerned the motions presented by Ripple and the SEC to exclude expert comments. Some of them were approved, while others were rejected. The result was that the SEC would not be able to use the so-called “Expert No. 1,” which was Patrick Doody. His testimony as the purchaser of the coin was supposed to indicate that XRP was a security.
The Voyager case also has an impact on XRP
The issue of the acquisition of the bankrupt cryptocurrency lending platform Voyager, by the U.S. offshoot of the Binance exchange, is also not without impact. As we know, the court approved this absorption. Previously, however, the SEC had considerable doubts about this issue. The reason was that the assets held by Voyager were considered securities by the regulator, headed by Gary Gensler. However, it was not made clear what prompted Gensler to reach that conclusion. The SEC’s statement also said that Binance US was not a registered securities exchange, but the argument was lacking. The result was that Judge Wiles rejected all of the Agency’s objections and approved the bankruptcy plan. Interestingly, his reasons for the verdict were in line with the arguments made by Ripple’s defenders in the supplemental motion.
The XRP charts speak for themselves
The whole argument in favor of XRP’s rise is complemented by several other aspects. As reported by the Santiment platform, there have been as many as 50 XRP addresses in the past month, classified as whales.
XRP’s fundamentals are also growing, and it looks like they will continue to grow. Messari data shows that the number of XRPL users recently exceeded 5 million. Demand is therefore high.
The whole thing is complemented by the price of XRP on the candlestick chart, which has pierced a very important resistance zone. At the time of writing this text, the resistance is being tested as support. If this process is successful, further increases are highly likely.