Why is XRP going up?

The price of XRP shows a gain of around 25% currently, and it has increased by 41% over the past month. According to defense attorney James K. Filan, a ruling on whether XRP is a security is anticipated by mid-December. Investor opinion regarding XRP’s long-term prospects may be strengthening due to the excitement surrounding the news. 

The securities regulator filed a lawsuit against Ripple in December 2020, alleging that the company broke securities rules when it issued XRP to investors in its initial coin offering (ICO).

XRP and investors hope for a positive ruling

The case has had a big effect on, resulting in the asset being removed from multiple cryptocurrency exchanges. However, it might have significant market repercussions since it might open the door for the SEC to later designate digital assets as securities.

Ripple Labs filed a motion for summary judgment on September 18; this legal procedure involves the court making a final determination based on the facts rather than ordering a trial. Furthermore, the SEC has been criticized by Ripple’s leadership for failing to establish the conditions for designating XRP as a security.

 If the SEC lawsuit will be concluded soon is still unclear. Investors in the platform are nevertheless optimistic. Additionally, the market appears to anticipate a positive outcome for Ripple Labs, and it also seems that the SEC has recently adopted a more tolerant approach in this case.

Ripple’s new strategy on climate change

The crypto market has received criticism for its contribution to climate change for more than a year. Additionally, a number of lawmakers have criticized digital assets for consuming too many resources.

Ripple, though, wants to change the story. Ripple Labs said earlier this week that it had joined more than 375 other firms in taking the Climate Pledge in an effort to build an energy-positive future.

 Price Analysis

Technically, the XRP price is attempting to secure a second daily close above a long-term declining trendline barrier, and in the last 24 hours, trading volumes and open interest on futures contracts have both increased significantly.

The Kingfisher, a provider of cryptocurrency analytics data, said that buyers would “certainly have an opportunity to long XRP lower.”

Generally, intraday and swing traders take profits at longer-term resistance levels and prepare for price rejections and lower support retests once an asset successfully exits a prolonged consolidation phase, a price bottom, or a move that modifies the market structure.

CTFC visit to Ripple Labs

Ripple Labs appears to be in advanced discussions with another financial watchdog while challenging the SEC over the right classification for XRP.

As part of her “learning tour” on cryptocurrencies, Caroline Pham, the commissioner of the Commodity Futures Trading Commission (CFTC), announced earlier this week that she had visited Ripple Labs CEO, Brad Garlinghouse. The visit gave rise to hopes that, as the SEC wants, it may be categorized as a commodity rather than a security.

XRP is still a desirable investment option for investors. There is renewed optimism that the coin’s value will rise as the year comes to an end.

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