- XRP has been bucking a bearish crypto market trend for the past three days.
- Despite news of Silvergate Bank’s plan to liquidate, XRP price has been supported by updates from the Ripple vs SEC case.
- The technical indicators have turned bullish, signaling a potential return to $0.45 for XRP.
While other major cryptocurrencies have been losing value throughout the week, following the news that Silvergate Bank is planning to close its doors, XRP has seen its value increase due to positive outlooks on the Ripple vs SEC case.
XRP Defies the Red Sea
Since the start of trading on Thursday, March 9th, XRP has seen a slight price increase, currently up 1.34% and trading at $0.3944 at the time of writing. In early trading, the digital asset fell to a low of $0.38580 before reaching its current levels.
XRP/USD One-Hour Chart. Source: TradingView
XRP’s recent performance is noteworthy, as it has outperformed many other major cryptocurrencies over the past week. While other leading coins Bitcoin, Ethereum, Cardano, and Solana saw declines of 6.7%, 5.3%, 9%, and 15%, respectively, XRP has risen by 5% in the last seven days.
This trend can be attributed to various factors, including technical indicators, but positive sentiment regarding the ongoing SEC vs Ripple case has been a significant driver of XRP’s recent gains.
Investors are closely monitoring the Ripple vs SEC case after Monday’s Court rulings. While Presiding Judge Torres granted and denied motions from both sides, the SEC’s motions to exclude expert witness testimony were denied, providing the Defendants (Ripple) a better footing.
Ripple CEO Brad Garlinghouse has been incredibly vocal about the SEC’s stance on crypto, stating:
“Chair Gensler continues to harp that firms simply need to come in and register, but the truth is there’s no infrastructure in place for a registered token to trade nor any clarity as to what these tokens are.”
The Ripple CEO added that he is not completely opposed to regulation and suggests that the United States could learn from other nations that have worked to establish clear regulatory frameworks for cryptocurrencies.
“If you want to regulate, then regulate. Put in the hard work to build a framework and set guidance, as so many other G20 countries are already doing. The 27 EU member countries can agree on a set of rules with MiCA...what’s stopping the US?!”
Enthusiasts are closely monitoring the Court decisions regarding the Hinman Documents, as these could have a significant impact on XRP and the broader digital asset space.
Ripple fans and the market at large await a ruling on the SEC’s Motion to Redact certain content amid speculation of a settlement if the SEC’s motion is denied.
On the Flipside
- In an interview with Bloomberg on Friday, the 3rd of March, Ripple CEO Brad Garlinghouse expressed optimism about the outcome of the ongoing Ripple vs SEC case, stating that he hopes for a decision by the end of the year.
- The recent Court rulings in the Ripple vs SEC case have improved the Defendants’ position, but the case outcome remains uncertain.
- The Ripple vs SEC case has led to a public debate about the nature of XRP tokens, with some experts questioning whether they should be considered securities under U.S. law.
Why You Should Care
XRP’s recent performance during a bearish crypto market can be attributed to positive news surrounding the Ripple vs SEC case. While other major cryptocurrencies have been losing value, XRP has seen an increase in value, signaling that investors are optimistic about the outcome of the ongoing legal battle.
Learn about the potential impact of the SEC vs Ripple case on the future of the crypto industry:
SEC vs Ripple: Will One Lawsuit Decide the Fate of the Crypto Industry?
In recent news, discover how China’s WeChat Pay is integrating digital yuan for CBDC:
China’s WeChat Pay Integrates Digital Yuan for CBDC Adoption
Sourced from dailycoin.com.
Written by on 2023-03-09 16:30:00.
