2 possible reasons why Ripple (XRP) price skyrocketed 50% in one week

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XRP is the best performing cryptocurrency in the last 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 caused the whole community to speculate on the possible reasons, so we take a look at two of them that could have caused the outbreak.

The Ripple-SEC case

The case between the United States Securities and Exchange Commission and Ripple is one the entire industry is looking into, as how it ends could also have serious implications for other projects.

However, Ripple’s legal counsel demonstrated a mostly confident stance that XRP is in no way a security and even went so far as to attack the Commission, citing the lack of an “investment contract” granting rights to investors. .

As CryptoPotato reported a few days earlier, Ripple alleged that the SEC’s “untied position” could consider the sale of all types of ordinary assets, including commodities such as gold, diamonds, soybeans, etc. , such as securities sales. The company’s attorney also added that the watchdog was not given such authority by Congress.

Interestingly, Ripple Labs and the Securities and Exchange Commission filed two separate motions that called on the court for the Southern District of New York to issue an immediate ruling on whether the sale of XRP violated securities regulations.

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

This obviously had a very positive impact on the price of XRP, and it looks like the market is expecting a positive outcome.

img1_xrp_chart_2309
Source: Binance via TradingView

Whales are accumulating XRP

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

This allowed the price of XRP to hit a one-year high against BTC at 0.000025 BTC. The analytics resource also seems to be of the opinion that the main reason for this is the continued optimism of a potential settlement between the SEC and Ripple.

Active shark and whale addresses containing 1-10m of XRP have been accumulating since late 2020.

img1_xrp_santiment
Source: Twitter
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