The post XRP Price Skyrockets 18.8%: Is the SEC Ending Its Ripple Investigation? appeared first on Coinpedia Fintech News
Ripple’s native cryptocurrency, XRP, has surged by over 18.8% this week, reclaiming the key resistance level of $0.52. This rise has sparked discussions about the reasons behind the recent increase.
While, the recent actions by the SEC, along with potential government pressure, have led to speculation that the investigation into Ripple might soon be over. Could this mean XRP will finally be declared a non-security?
Why Is XRP Pumping?
In a recent tweet post prominent crypto influence Wise Advice tweeted about this remarkable price movement, suggesting that the SEC may be on the verge of ending its investigation into Ripple, the company behind XRP.
𝐈𝐬 𝐓𝐡𝐞 𝐒𝐄𝐂 𝐄𝐧𝐝𝐢𝐧𝐠 𝐗𝐑𝐏 𝐈𝐧𝐯𝐞𝐬𝐭𝐢𝐠𝐚𝐭𝐢𝐨𝐧? #XRP is up over 15% today despite the crypto market choppiness 𝐻𝑒𝑟𝑒'𝑠 𝑤ℎ𝑦 𝑋𝑅𝑃 𝑖𝑠 𝑝𝑢𝑚𝑝𝑖𝑛𝑔 In the past 3 weeks, the #SEC has ended its investigation into Consensys, Paxos, and… pic.twitter.com/sCxkleE5CO
— Wise Advice (@wiseadvicesumit) July 13, 2024
Wise Advice noted that the SEC in the past three weeks, the SEC has ended its investigations into several other crypto firms, including Consensys, Paxos, and Hiro. This pattern indicates a broader shift in the SEC’s approach toward the cryptocurrency sector.
This development has led to speculation that the Biden administration may be encouraging the SEC to ease its scrutiny on the crypto industry.
Wise Advice suggests that XRP’s recent price spike is a direct result of these regulatory moves. He believes that the pressure on the SEC could extend to Ripple, potentially leading to the end of the investigation and a declaration that XRP is not a security.
Strong Ripple (XRP) Community
Given XRP’s well-established status and its large, dedicated community, there’s a growing belief that the SEC might end its investigation into Ripple. If the SEC officially declares XRP a non-security, it would be a monumental victory for Ripple and could further boost the price and adoption of XRP.
Bill Morgan’s Profitable Trade
Recently when XRP was trading around $0.39, Pro-XRP lawyer Bill Morgan shared his buy-the-dip strategy in a tweet & stated that I have acquired more XRP at just over $0.40.
Glad I did https://t.co/7HiDRFVw59 pic.twitter.com/WXWuIA3yTE
— bill morgan (@Belisarius2020) July 13, 2024
However, sharing the current price chart he expressed satisfaction with his earlier decision, saying he is “glad”. In addition, he also said that he would be acquiring more if the price dips further.
As of now, the XRP price was up more than 12% and crossed the $0.52 level. Over the last seven days, the price has noted an increase of about 18.8%.