4 reasons why Ripple increased by 60% in the last 10 days
CriptoFácil – O (XRP) rose more than 60% in the last 10 days, going from US$0.68 to US$1.10. But what is driving this increase? Analyst Chayanika Deka listed four reasons that could explain the recent price surge of XRP.
First, the analyst pointed out that Ripple has been in a lawsuit with the United States SEC since December 2020, and investors hope that the company can reach an agreement soon.
The SEC has accused Ripple of selling over $1.3 billion worth of unregistered securities, i.e. the sale of XRP. This generated uncertainty about the token’s legality and negatively affected its price.
“However, recent moves on both sides of the lawsuit, such as Ripple’s decision not to contest the SEC’s action in April, suggest that a settlement may be close,” he said.
XRP
Secondly, Deka points out that XRP has benefited from the recent general upsurge of the cryptocurrency market, as it has been recording important gains throughout 2023.
Thus, according to him, with the market signaling a rise for all assets, XRP also benefits, as the volume of trading in the market grows and investors look for opportunities in altcoins.
As a third point, the analyst points out that the US Commodity Futures and Trading Commission (CFTC), in its lawsuit against Binance, referred to the two largest cryptocurrencies, Bitcoin and Ether, as commodities, potentially bringing XRP under the umbrella. also. This may contradict the SEC’s assertion.
Finally, according to the analyst, another factor that seems to have contributed to the increase could be the fundamental updates against the XRP Ledger (XRPL) in recent months. XRPL accounts were also seen to be steadily growing.
The analyst also points out that the rise of XRP may continue and leads the cryptocurrency to test its maximums in 2023.
By CriptoFacil