- Ripple’s native cryptocurrency, XRP, continued its strong rally, approaching $0.70 with a 10% increase in the last 24 hours.
- Currently, XRP is occupying a critical price point that reveals a positive formation that could drive its future value.
- Market confidence in a favorable outcome for Ripple in the ongoing SEC v. Ripple case boosted investor enthusiasm on Sunday.
XRP, with its price increase in the last 24 hours, has garnered significant attention: What are the reasons behind the impressive rise in XRP price?
Record XRP Wallets Follow the Price Surge
Ripple’s native cryptocurrency, XRP, continued its strong rally, approaching $0.70 with a 10% increase in the last 24 hours. On-chain data indicates that investor confidence is rapidly increasing, and whale wallets are accumulating XRP.
Additionally, according to crypto analysis platform Santiment, XRP reaching $0.68 is an event that hasn’t occurred since August 2. XRP reached this three-month high last week with a 23% increase against BTC. Furthermore, wallets holding between 100,000 and 1 billion XRP have reached the highest point of 2023.
Currently, XRP is occupying a critical price point that indicates a favorable formation that could influence its future value. As a result of chart analysis, XRP is seen to be trading above both the 50-day and 200-day exponential moving averages, which is generally considered a bullish signal.
The potential bullish crossover of these moving averages signals a continuous upward momentum. When combined with a Relative Strength Index (RSI) comfortably above the 50 threshold, this indicates that buyers are in control and provides a strong foundation for potential price increases.
Ripple’s Confidence Grows in the SEC Case
Market confidence in a favorable outcome for Ripple in the ongoing SEC v. Ripple case boosted investor enthusiasm on Sunday. Despite no updates on the case that would impact investor sentiment, Jeremy Hogan, an attorney and partner at Hogan & Hogan, shared his perspective on the SEC v. Ripple case.
Hogan specifically focused on the compensation issue. The SEC is seeking a hefty penalty of $770 million, alleging that XRP sales to institutional investors were illegal. Hogan mentioned that the law grants the SEC the authority to demand compensation and that compensation should include interest and penalties. He pointed out that the compensation issue stemmed from the court’s ruling that about $770 million worth of XRP sales were illegal. Hogan stated:
“In short, $770 million will not be $770 million; it will be much less.”
Additionally, Attorney Hogan mentioned regarding the compensation case: “First and foremost, the SEC v. Liu case (2020) fundamentally said that compensation is a fair remedy, which means it has to be fair. In this context, fair means violation of NET profit, not GROSS profit. So, Ripple will deduct business expenses from the total.”
He also noted that, as reaffirmed by the 2nd DCA, the compensation amount should be given to individuals or entities who suffered financial losses in their investments. Therefore, if an XRP buyer bought the cryptocurrency at $0.30 and the price rose to $0.60, they wouldn’t be considered a victim and, hence, no compensation would be required.
