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2 Possible Reasons Why Ripple (XRP) Price Skyrocketed 50% in a Week

2 Possible Reasons Why Ripple (XRP) Price Skyrocketed 50% in a Week

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XRP has been the best performing cryptocurrency over the past seven days and it’s not even close. Trading at around $0.50, it has risen over 50%, leaving all other major altcoins in the dust.

This has led the entire community to speculate on possible causes, so we’re looking at two of those that may have caused the spike.

Ripple SEC case

The case between the US Securities and Exchange Commission and Ripple is one that the entire industry is looking at, as its conclusion could have serious consequences for other projects as well.

However, Ripple’s legal counsel has shown a mostly confident stance that XRP is in no way safe, and has even gone so far as to attack the commission citing the lack of an “investment agreement” that grants investors rights.

Like CryptoPotato Ripple claimed a few days earlier that the “inadequate position” of the SEC could consider the sale of all kinds of ordinary assets, including commodities such as gold, diamonds, soybeans and so on, to the sale of securities. The company’s lawyer also added that the watchdog has received no such authorization from Congress.

Interestingly, both Ripple Labs and the Securities and Exchange Commission filed two separate petitions asking the Southern District Court of New York to make an immediate ruling on whether the XRP sale violated securities regulations.

This means that if a case is presented, it will go no further and could be resolved as quickly as the next few months.

This has apparently had a very positive effect on the price of XRP and it seems that the market is expecting a positive outcome.

Source: Binance via TradingView

Whales collect XRP

Data from Santiment, a popular crypto resource, also reveals that large XRP addresses have been in collection mode for some time.

This has resulted in the price of XRP reaching a one-year high against BTC at 0.000025 BTC. The analytics resource also seems to think that the main reason for this is the continued optimism about a potential settlement between the SEC and Ripple.

Active shark and whale addresses with XRP lengths of 1-10 meters have been accumulating since late 2020.

img1_xrp_sentiment
Source: Twitter
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