Why is XRP rising?
The long silence was broken
What are the possible reasons for XRP's rise?
XRP was experiencing one of the narrowest Bollinger Band jams among coins in its history and now in the entire market, as pointed out by chart analyst Matt Hughes. Technically, such jams mean that a large price action can be close.
The price action in XRP coincided with a significant anniversary and made sense in this respect. Today is the first year of Ripple's legal victory over the U.S. Securities and Exchange Commission (SEC). On July 13, 2023, the court ruled that sales of XRP on exchanges, as well as sales by managers and distributions for developers, charities and employees, were not securities.
1 year after the XRP decision, it is now thought to be close to an agreement between the parties or the full conclusion of the court. In this direction, a completely hypothetical claim was effective in the rise of XRP.
It was suggested that the SEC is likely to address the Ripple deal during a closed meeting at its Washington building next Thursday. Posts about this spread rapidly on social media.
Last month, the SEC reduced the $2 billion fine it requested from Ripple in exchange for the deal to as much as $102 million.
Ripple, on the other hand, offers to pay $10 million to the SEC.
Finally, 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 estimated to be the first step in the new products to be created for XRP transactions.
