Ripple Labs is the subject of a court case with the SEC, and its native token has defied all odds to record massive gains.
Ripple Spikes 30% Amid Market Hurdles
Ripple’s XRP has been in an uptrend over the weekend as it sidestepped broader market challenges to reach new heights.
At the time of publication, XRP is up 30% over the past 24 hours after smashing the resistance of $0.50. The latest performance implies that XRP continues its weekly gains to over 62%. Meanwhile, XRP is now the sixth largest crypto token by market capitalization and gunning for a top five spot.
Furthermore, whales’ accumulation of XRP tokens is on the rise. According to Santiment, active whale addresses holding between 1 million and 10 million coins have steadily risen since 2020. Santiment added that Ripple’s optimism about the ongoing case has a spillover effect on the XRP.
Brad Garlinghouse Speaks on Court Case
In December 2020, the SEC slammed Ripple with a lawsuit over the sale of the XRP tokens.
According to the regulator, the sales of the tokens through the 2013 ICO fall under the purview of securities law. As a result, the exchange was charged with offering unregistered securities to the public.
In return, Ripple noted that it had committed no offense, which it consistently did for up to two years. The exchange had defended itself from the allegations leveled against it by the regulator.
However, during a recent appearance on Fox News, Ripple’s CEO, Brad Garlinghouse, noted that the case is almost over.
Garlinghouse added that the regulator acts not based on the law but its dictates. The CEO revealed that Ripple, the company, has no investment deal with XRP to qualify the token as a security.
Moreover, Garlinghouse talked about the Hinman speech, which the regulator has been sitting on even as the court requested.
The Ripple head also commented on Jamie Dimon’s remarks about the cryptocurrency market being a Ponzi scheme.
Garlinghouse, who alluded to those influential personalities like Warren Buffett and Jamie Dimon, has been against the digital asset industry for some time. However, the CEO stated that cryptocurrency is here to stay, no matter the outcry against it.
Is Another Crypto Market Crash Imminent?
Following the Federal Reserve’s hawkish action to curb inflation, the crypto market is in a panic. The Fed has increased interest rates to 75 basis points, and analysts predicted they would be 100 before the year ends.
Moreover, the crypto community is bracing itself for a possible crash as prices continue to fall. The two largest crypto assets by market cap, Ethereum and Bitcoin, have shed a significant part of their value. In addition, most altcoins have been trading in the red zone after the Fed’s latest move.
It might have to be another period of gloom for the nascent industry. However, anything is possible in this space, including sudden bullish trends out of the blue.
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