Why is XRP rising? The long silence was broken. Here are the possible reasons for XRP's rise:
1. **Bollinger Band Jam**: XRP was experiencing one of the narrowest Bollinger Band jams in its history and across the entire market, as noted by chart analyst Matt Hughes. Such jams typically indicate that a large price movement is imminent.
2. **Legal Victory Anniversary**: The price action coincided with a significant anniversary. Today marks one year since Ripple's legal victory over the U.S. Securities and Exchange Commission (SEC). On July 13, 2023, the court ruled that XRP sales on exchanges, as well as sales by managers and distributions for developers, charities, and employees, were not securities.
3. **Possible Legal Settlement**: One year after the XRP decision, there are thoughts that an agreement between the parties or a full conclusion of the court case is near. Speculation arose that the SEC might discuss the Ripple deal during a closed meeting at its Washington building next Thursday, with posts about this spreading rapidly on social media.
4. **Reduced Fine**: Last month, the SEC reduced the $2 billion fine it sought from Ripple to as low as $102 million. Ripple, however, has offered to pay $10 million to the SEC.
5. **CME Announcement**: CME, one of the world's largest futures and options exchanges, announced on Thursday that it will begin offering the reference rate and real-time index for XRP. This is seen as the first step toward new products for XRP transactions.
