Altcoins
Is the SEC wrapping up its investigation into Ripple?
Ripple’s native cryptocurrency XRP has surged over 18.8% this week, reclaiming the crucial $0.52 resistance level. This significant increase has sparked discussions about the driving forces behind the recent price action.
The SEC’s recent actions, coupled with potential government pressure, have fueled speculation that the investigation into Ripple may soon come to an endCould this be the sign that XRP will finally be classified as a non-security?
Dive deeper to find out why XRP is making headlines and what it could mean for the token’s future.
Why is XRP pumping?
In a recent tweet, popular cryptocurrency influencer Wise Advice highlighted this dramatic price surge, suggesting that the SEC may be about to end its investigation into Ripple, the company behind XRP.
Wise Advice noted that the SEC has concluded its investigations into several other cryptocurrency companies over the past three weeks, including Consensys, Paxos, and Hiro. This pattern indicates a broader shift in the SEC’s approach to the cryptocurrency industry.
This development has led to the hypothesis that the Biden administration could be encouraging SEC to ease scrutiny of cryptocurrency industry.
Understanding XRP Price Impact
According to Wise Advice, XRP’s recent price spike is a direct result of these regulatory changes. It believes that increased pressure on the SEC could extend to Ripple, potentially leading to the end of the investigation and a ruling that XRP is not a security.
Given XRP’s established status and large dedicated community, there is growing optimism that the SEC will conclude its investigation into Ripple. If the SEC officially declares XRP a non-securities, it would be a monumental victory for Ripple and could further boost XRP’s price and adoption.
Pro-XRP supporters weigh in
Recently, when XRP was trading around $0.39, pro-XRP advocate Bill Morgan shared his “buy-the-dip” strategy in a tweet, revealing that he had acquired more XRP at just over $0.40. Sharing the current price chart, Morgan expressed satisfaction with his decision, saying he was “happy.” He also said he would consider buying more if the price dropped further.
At the moment, the price of XRP has increased by more than 12%, surpassing the $0.52 level. Over the past week, the price has increased by about 18.8%.
Read also: Ripple on the Verge of a SEC Win: What Does the Future Hold for XRP?
Could this be the turning point for XRP? Only time will tell, but one thing is for sure: the future of Ripple and its token looks brighter. day by day!