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Ripple (XRP) is leading the race this week as the rest of the market is either consolidating or trading ruthlessly. The cryptocurrency has defied expectations and is on an upward trajectory with little sign of slowing down.
Here are some possible reasons why and whether this rally could continue.
Case against SEC tilts in favor of Ripple
It seems that the main reason for the increase in the price of XRP is that investors believe that Ripple is winning the case against the US Securities and Exchange Commission.
Recall that the SEC filed a lawsuit alleging that Ripple made an unregistered sale of securities, essentially claiming that XRP is a security.
This week, Judge Analisa Torres denied the commission’s request to seal documents related to a speech by Bill Hinman – the director of the agency’s Corporate Finance Division. This is the third time this specific request has been denied, so the question is why is it so important for the SEC to seal these records? Well, it’s pretty straightforward.
William Hinman is the former director of the SEC’s Division of Corporate Finance. The speech in question refers to a time when he indicated the agency did not consider ETH a security at the time, and the Ripple layers struggled to trace how he came to that conclusion. He hopes that this may affect his classification of XRP.
Judge Torres states that access to documents should be based on the common law principle of public access to judicial documents:
Documents are considered “judicial documents” if they are “relevant to the performance of a judicial function and are useful in the judicial process. (…) The relevance of a specific document does not depend on how the court ultimately rule or whether the document ultimately influences the court’s decision. Rather, what is important is whether a document “would have a reasonable tendency to influence the district court’s decision on a motion.”
$250M Metaco deal finalized
Another positive development for Ripple and thus XRP is that the company has struck a $250 million deal to acquire Metaco. The latter is a cryptocurrency custody provider based in Switzerland.
The deal aims to expand Ripple’s position in the crypto world by expanding its services towards crypto custody.
Speaking on the deal, Ripple CEO Brad Garlinghouse said:
“Metaco is a proven leader in institutional digital asset custody with an exceptional executive bench and a truly unmatched client track record. Through the strength of our balance sheet and financial position, Ripple will continue to leverage our leverage in areas critical to crypto infrastructure Bringing on Metaco is critical to expanding our growing product suite and global footprint.
The above may explain the rise in the price of XRP over the past few days, but the question is, will this continue? This is a question only time can answer, but if the case against the SEC continues to develop positively, it could even have a somewhat positive impact on the price. After all, crypto is known for being news-driven, where announcements, whether good or bad, affect the price.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
[ad_1]
Ripple (XRP) is leading the race this week as the rest of the market is either consolidating or trading ruthlessly. The cryptocurrency has defied expectations and is on an upward trajectory with little sign of slowing down.
Here are some possible reasons why and whether this rally could continue.
Case against SEC tilts in favor of Ripple
It seems that the main reason for the increase in the price of XRP is that investors believe that Ripple is winning the case against the US Securities and Exchange Commission.
Recall that the SEC filed a lawsuit alleging that Ripple made an unregistered sale of securities, essentially claiming that XRP is a security.
This week, Judge Analisa Torres denied the commission’s request to seal documents related to a speech by Bill Hinman – the director of the agency’s Corporate Finance Division. This is the third time this specific request has been denied, so the question is why is it so important for the SEC to seal these records? Well, it’s pretty straightforward.
William Hinman is the former director of the SEC’s Division of Corporate Finance. The speech in question refers to a time when he indicated the agency did not consider ETH a security at the time, and the Ripple layers struggled to trace how he came to that conclusion. He hopes that this may affect his classification of XRP.
Judge Torres states that access to documents should be based on the common law principle of public access to judicial documents:
Documents are considered “judicial documents” if they are “relevant to the performance of a judicial function and are useful in the judicial process. (…) The relevance of a specific document does not depend on how the court ultimately rule or whether the document ultimately influences the court’s decision. Rather, what is important is whether a document “would have a reasonable tendency to influence the district court’s decision on a motion.”
$250M Metaco deal finalized
Another positive development for Ripple and thus XRP is that the company has struck a $250 million deal to acquire Metaco. The latter is a cryptocurrency custody provider based in Switzerland.
The deal aims to expand Ripple’s position in the crypto world by expanding its services towards crypto custody.
Speaking on the deal, Ripple CEO Brad Garlinghouse said:
“Metaco is a proven leader in institutional digital asset custody with an exceptional executive bench and a truly unmatched client track record. Through the strength of our balance sheet and financial position, Ripple will continue to leverage our leverage in areas critical to crypto infrastructure Bringing on Metaco is critical to expanding our growing product suite and global footprint.
The above may explain the rise in the price of XRP over the past few days, but the question is, will this continue? This is a question only time can answer, but if the case against the SEC continues to develop positively, it could even have a somewhat positive impact on the price. After all, crypto is known for being news-driven, where announcements, whether good or bad, affect the price.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
