Two factors have contributed to XRP’s recent rise
XRP Price It has gained 26.22% over the past week, outperforming top cryptocurrencies such as 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% over the past 24 hours, according to CoinMarketCap data.
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 rises amid positive developments in the ongoing Ripple lawsuit. A well-known trader indicated that XRP had the fastest set-up in the crypto market at the moment, with the potential for further breakouts.
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.”
Many believe that the travel time may not have been a coincidence. Some XRP proponents also speculated that the CFTC may take over as the currency’s regulator, which could 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 the ongoing trial, James K. In a recent update shared by Fillon, “the Court has reviewed the request for leave by the Chamber of Digital Commerce to file an amicus curiae brief and the parties’ responses, and has accepted 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.”