XRP Is Up 26% in the Week, Here Are Two Factors That Contributed to Recent Rise
The XRP price is up 26.22% in the past week, outperforming top cryptocurrencies like Bitcoin and Ethereum, which are currently down 5% and 20%, respectively. At the time of publication, XRP was changing hands at $0.427, up 6.71% in the last 24 hours, per CoinMarketCap data.
📈 #XRPNetwork is +17%this past week, while #Bitcoin (-5%), #Ethereum (-16%), and most of #crypto has declined. The ongoing battles between #Ripple & the #SEC regarding increased regulation has mainly led to increased trader optimism & high whale movement. — Santiment (@santimentfeed) September 21, 2022
According to on-chain analytics firm Santiment, two factors have contributed to XRP's recent rise: increased trader optimism and high whale movement.
Trader optimism increased amid positive developments in the ongoing Ripple lawsuit. A well-known trader indicated that XRP had the most bullish set-up on the crypto market at the moment, with the potential for a further breakout.
Adding to traders' optimism is the recent visit of Caroline D. Pham, an American attorney who serves as a commissioner of the Commodity Futures Trading Commission (CFTC) to Ripple Labs, which she stated was part of her "learning tour."
Several believe that the timing of the visit might not be a coincidence. Some XRP supporters even speculated that the CFTC might take over as the currency's regulator, which might mean that XRP would be classified as a commodity.
Also, the last few days saw significant whale movement. As reported by U.Today, a transfer of 30 million XRP was reported by WhaleAlert, while another 261 million XRP coins were moved by whales between wallets on various top exchanges in the previous day.
Chamber of Digital Commerce to file amicus curiae in lawsuit
In recent updates shared by James K. Filan in the ongoing lawsuit, "The Court has reviewed the request by the Chamber of Digital Commerce for leave to file an amicus curiae brief and the parties' responses, and has granted the Chamber's request."
According to CryptoLaw founder John Deaton, there remains a silver lining in the Ripple lawsuit: "With Gary Gensler turning out to be the Grim Reaper of Crypto, claiming all ETH transactions are subject to U.S. jurisdiction and the merge to PoS may have triggered the securities laws, Clayton may have unintentionally provided Ripple and XRP with the gift of clarity."Source