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

CoingapePublished on 2022-09-23Last updated on 2022-09-23

Abstract

With this, XRP has also extended its weekly gains to more than 62%.

Ripple’s native cryptocurrency XRP is on a roll over the last week defying the broader market momentum and making big gains. As of press time, XRP is trading 30% in the last 24 hours breaking past the crucial resistance of $0.50.
With this, XRP has also extended its weekly gains to more than 62%. The latest price move comes as the crypto community expects a positive outcome over Ripple’s legal battle with the SEC. XRP has now climbed up to become the sixth largest crypto by market cap and eyeing a spot in the top five.
Also, the accumulation of XRP by the whales is reaching new highs. As on-chain data provider Santiment explains:
The price ratio of $XRP/ $BTC has hit a one-year high of 0.000025 on the continued optimism of a potential settlement of #Ripple with the #SEC. Active shark & whale addresses holding 1m to 10m $XRP have been in an accumulation pattern since late 2020.

Courtesy: Santiment Ripple CEO on Recent Developments
Back in December 2020, the U.S. SEC slapped a lawsuit on Ripple stating that the sale of XRP through the 2013-ICO is subject to securities law. However, Ripple has been defending its position for almost two years claiming no violation of securities laws.
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During his appearance on Fox News on Thursday, Ripple CEO Brad Garlinghouse quoted the judge stating:
“The SEC has not been following the law in the pursuit of an outcome. The SEC has lost its way turning a cuckoo for cocoa puffs”.
He further noted that Ripple doesn’t hold any investment contract for the XRP for it to qualify as a security. Garlinghouse also touched upon the Hinman speech which the SEC has been blocking access to for a while.
The Ripple CEO also spoke about the recent comments made by Jamie Dimon calling the crypto market a Ponzi scheme. Garlinghouse said that noble people like Jamie Dimon and Warren Buffett have been attacking crypto over the last two years. But he added that “we have reached a point where the industry is not going away and we are here to stay”.

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