Crypto: The Explanation Behind XRP's 9% Rise

On September 16, Ripple (XRP) climbed 9%, sparking significant investor interest. This rise is a consequence of the SEC Vs Ripple case currently in progress. The recent updates shared seem to support that optimism.

XRP: 9% growth in 24 hours

The recent price increase of XRP surprised investors this Friday, September 16. Thus, the asset broke above its usual numbers to stand at $0.32155. XRP thus registers a rise of 9% and is trading at the time of writing at $0.3907.

Source: CoinMarketCap – Week of September 11, 2022

Such a price move was triggered by information recently shared in the ongoing case between the SEC and Ripple. Defense attorney James Filan (representing Ripple) shared a piece of news on Twitter that reported recent developments in the SEC vs. Ripple case. SEC Chief Gary Gensler said Thursday that Proof-of-Stake cryptocurrencies can also be securities. This statement prompted cryptocurrency enthusiasts to share their opinions widely on the Internet.

A debate on the position of the SEC

Gensler’s statement sparked heated debate on Twitter. Cryptocurrency enthusiasts and investors have questioned the SEC’s stance on securities. Following the public backlash, Republican Senator Pat Toomey requested clarification on the intellectual path the SEC is taking to review the legal and tax qualification of cryptocurrencies. Thus, some of the SEC’s recent actions and inactions have raised concerns about how well it is carrying out this important mission: to protect investors; maintain fair, orderly and efficient markets; and facilitate capital creation.

Gensler’s startling comments, followed by the SEC’s questionable stance on securities, may have prompted XRP’s recent price action. Additionally, attorney Jeremy Hogan tweeted that the coming weeks are important for the cryptocurrency space. Several conclusions on Ripple are due to be filed this week and a decision will be made in relation to the LBRY matter. These two singular events are considered decisive for the cryptocurrency sector. According to him, the decision could thus change the course of history for years to come.

Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of newsletter daily and weekly so you don’t miss any of the essential!

Similar Posts