Despite a general slump in the crypto market, XPR has been able to hold its own with a sustained rise in a month. Experts believe that the widely publicized lawsuit between Ripple and the SEC would have benefited the altcoin.
XPR on the rise: an exceptional rally
The global crypto market has lost more than two-thirds of its value since November 2021. Most of the losses were recorded after March 2022 following the collapse of one of the stablecoins, terraUSD. Terra’s tribulations have had a ripple effect on the crypto markets. Could the current bear market be written into the record books?
Either way, some assets benefit from a thinning. Proof of this is this rally in full hibernation on the side of Ripple. The network’s native token, XPR, has indeed recorded a rise of 57.75% in one month. The coin traded at $0.33 on September 8. On October 8, its value reached $0.52. The coin will likely rise as Ripple gains media exposure and positive feedback from the current court case against the DRY.
The lawsuit opposing Ripple to the SEC, a catalyst?
There is no end to the Ripple vs SEC soap opera and many see this lawsuit as a bullish catalyst for XPR. In December 2020, the regulator filed suit against the company, alleging that Ripple engaged in an illegal securities offering. The SEC alleges that Brad Garlinghouse (the CEO of Ripple) and co-founder Chris Larsen, each personally sold XRP for hundreds of millions of dollars.
A Ripple win may cause the SEC to back down from its aggressive actions against exchanges. XPR will take off again, along with all legit crypto platforms. If the SEC wins, it could open the floodgates for new crypto regulations in the United States. Entrepreneurs, investors and experts are convinced that XPR plays a role in the digital asset space. The verdict will determine the future of many cryptos. For now, XPR is fueled by optimism of a possible victory for Ripple.
Ripple’s case against the SEC gives importance to thealtcoin XPR, partly explaining this remarkable rally. But the strong activity of whale wallets also has something to do with this rise in the value of XPR.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service ofdaily and weekly so you don’t miss any of the essential Tremplin.io!