Despite the adverse effect the Federal Reserve’s rate hike had on most cryptocurrencies, the XRP appears not to be affected much. The Ripple’s token breached its $0.50 resistance level as the digital asset surged by around 30 percent in the previous 24 hours.
XRP’s Price Surges
XRP, which now ranks sixth in the crypto world, has been having an uptrend movement lately. This is contrary to what the entire digital market has been facing since last week. Things got even worse for top digital assets when the Fed’s increased rates hit the crypto market.
Meanwhile, XRP holders are gaining. The digital asset recorded more than 62 percent weekly gain. As the price surges, the crypto sphere hopes for a positive outcome in Ripple’s case with the SEC. XRP is now aiming to take the fifth spot in the digital assets ranking.
XRP/BTC price chart. Source Santiment
Similarly, Santiment, a cryptocurrency statistics firm, reveals that XRP has attracted the whales. Analysis shows institutional traders are investing in XRP.
They stated that whale crypto addresses, which hold tokens that are 1 million and above, have been buying more XRP tokens since two years ago. Also, XRP and BTC price ratio surged to the highest in a year, hitting 0.000025.
All eyes are on the legal war between the SEC and Ripple. The crypto sphere, however, hopes it favors XRP. The SEC dragged Ripple to court in 2020, following their 2013 Initial Coin Offering. Ripple, however, claimed they did not violate any SEC regulations. The lawsuit is two years long now.
Meanwhile, Brad Garlinghouse, CEO at Ripple, speaks on the updates of the legal battle in a program on Fox News. He explains that the judge claims the SEC has not been following the regulations appropriately in the course of the case.
He added that the token could not be categorized as security since Ripple holds no investment contract. He also mentioned that the SEC has restricted access to the Hinman speech.
Recall that Jamie Dimon recently claimed that cryptocurrencies are a decentralized Ponzi scheme in his Wednesday congressional testimony. He had also attacked the crypto market as far back as 2017 during the bullish trends.
Reacting to the comments, Ripple’s CEO stated that the crypto is here to stay, regardless of assaults from notable men in the society. He added that it is almost impossible to eliminate the cryptocurrency industry at its current stage.