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Ripple Gains Momentum Amidst SEC Positives

  • Ripple’s price has taken huge strides in the past week. Meanwhile, it bested Solana and Cardano in a fit to reclaim its spot among the top-five biggest cryptocurrencies.
  • A notable increase in daily active addresses and positives from its ongoing case with SEC could be contributing to its pump.

On Tuesday, February the 8th, 2022, XRP’s price did a significant jump of 20% within 24 hours. This move took the crypto’s trading price to $0.91 at 6:29 UTC – a total market capitalization of about $42 billion. Over the past seven days, its rally is of nearly 37%. Meanwhile, XRP has swept past coins like Solana and Cardano by market cap. Nevertheless, the big daily gainer displays more upside potential and looks to advance back to the big five.

Santiment, a behavior analysis provider, gave an update on Twitter concerning Ripple in the early hours of today. This feed reported the eventual response of XRP’s price to a daily active address uptick. The latter has been indicating bullish tendencies since mid-January.

Reports on the Ripple vs. SEC Case

The legal battle between Ripple and the Security and Exchange Commission has taken a favorable turn for the cryptocurrency. On December 22, 2020, the SEC sued Ripple for illegally selling $1.3 billion worth of $XRP as security without registering under the SEC.

The public officer on the case, Judge Analisa Torres, gave Ripple permission to respond in defense to these allegations. Furthermore, the judge ordered an unsealing of three documents pivotal to resolving the case. These files include Ripple CEO Brad Garlinghouse’s email thread and disposition notice and founder Chris Larsen’s email string.

However, lawyer and Crypto enthusiast John E. Deaton took to his Twitter state that the chances of finding any valid evidence against Ripple on these documents are slim to none. He said the court would have to find an influence of public announcements on XRP’s price and prove that the digital asset was sold in the United States.

He further addressed the grounds in which SEC filed its case as absurd. Also, Deaton explained that transactions fueled by $XRP’s ledger cannot be categorized as securities themselves.

Ripple lends its superior technology to crypto exchanges like SpendTheBits, a decentralized mobile app offering online payment, in exchange for a small percentage of $XRP as a transaction fee. Ripple faces charges from the SEC on one of these fronts, considering the transaction fees as securities. John E Deaton argues otherwise and believes such claims will not be admissible in court.

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The Ripple vs. SEC case is moving on quickly, and analysts predict that the court will conclude by April 2022.

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