Crypto Analyst: ‘SEC Basically Gave Up This Week Trying To Prove XRP Is a Security'

On Friday (September 23), a very popular crypto analyst explained why $XRP has performed so well in the past week or so. As you can see from data by TradingView, on crypto exchange Bitstamp, XRP-USD has gone from around $0.3238 on September 16 to around $0.4930 where it is today (as of 8:00 a.m.

Timeline of Xrp

Earlier this week, at a event organised by Politico, Stuart Aldertoy, who is General Counsel at Ripple, talked about the detrimental effects of “regulatory hostility” toward crypto in the U.S.

Ripple (XRP) price has registered an impressive 33% advance above the key resistance zone as seen in the past week.         XRP notably spikes by 10% on September 22         Ripple confident to win legal feud against SEC The token also skyrocketed 10% as seen on September 22, as the crypto market plunged in a sea of red.

Cryptocurrency analytics firm Santiment has revealed that traders are highly bullish on the $XRP token right now, even at a time in which the cryptocurrency has been outperforming the wider cryptocurrency market.

Whales on the $XRP network have been accumulating the cryptocurrency even at a time in which the cryptocurrency's price keeps on surging ahead of a potential ruling on the U.S. Securities and Exchange Commission's lawsuit against Ripple and two of its executives.

XRP crypto has exponentially risen in price over the week soaring over 63% in value. The successful breakout has moved XRP up by one position and is now ranked #6 amongst other cryptocurrencies. 

Ripple Labs and the Securities and Exchange Commission have filed applications for summary judgement in the case that has lasted two years.  Both parties claim the Federal Judge has enough evidence at her disposal to make an immediate ruling.

After a months-long tussle between Ripple and SEC, things are finally settling down. This new development sparked excitement in the entire crypto community as it gave investors hope for brighter days ahead.

The long-awaited XRP vs SEC is almost nearing the end, and the XRP side appears more upbeat, therefore the XRP price shot up on September 22nd even if the crypto market is still ruled by bears.

Xrp was once again higher on Friday, as the token hit a 4-month high for a third consecutive session. The token formerly known as ripple has risen by over 50% in the last seven days, despite the current market volatility. Cronos was also a notable mover today, climbing by nearly 15%.

In an interview with Ryan Selkis, founder of Messari Crypto, the CEO of payment company Ripple Brad Garlinghouse talked about XRP and its legal battle with a U.S. regulator. The interview took place at Mainnet 2022, an event organized by the on-chain research company.