What are the possible reasons for XRP's rise?
Chart analyst Matt Hughes pointed out that XRP is experiencing one of the tightest Bollinger Band squeezes in its history and in the entire market. Technically, this squeeze means that a big price fluctuation may be coming.
XRP's price fluctuations coincide with an important anniversary, which is meaningful in this regard. Today marks the one-year anniversary of Ripple's victory in the lawsuit against the US Securities and Exchange Commission (SEC). On July 13, 2023, the court ruled that XRP sales on exchanges and sales and distributions by managers, developers, charities and employees are not securities.
A year after the XRP ruling, it is now believed that the two parties are about to reach an agreement or that the court will make a final decision. In this regard, a completely hypothetical statement has contributed to the rise of XRP.
Some people speculate that the US Securities and Exchange Commission may discuss Ripple's transactions in a closed meeting held in its Washington building next Thursday. Posts about this matter have spread rapidly on social media.
Last month, the SEC reduced its $2 billion fine to Ripple to a maximum of $102 million in exchange for the deal.
Ripple, in turn, offered to pay the SEC $10 million.
Finally, the Chicago Mercantile Exchange (CME), one of the world's largest futures and options exchanges, announced on Thursday that it would begin providing reference rates and real-time indices for XRP. This is expected to be the first step in creating new products for XRP trading.
Committed to helping more people, a single tree cannot make a boat, and a single sail cannot sail far! , a high-quality circle can only go further by obtaining information, and joining conditions: real players! No threshold, no fees!
