Amid the US government almost finalizing raising the US debt ceiling, Bitcoin (BTC) and the broader market experienced a healthy uptick on Monday. However, this remains short-lived as the broader cryptocurrency market loses steam today. But Ripple’s XRP chooses to decouple from the rest of the crypto market, shooting up 4.5% in the last 24 hours. As of press time, XRP is trading above $0.50 with a market cap of $26 billion. The recent decoupling in the XRP price happens as the XRP Network sees a strong spurt in the address activity on the platform. On-chain data provider Santiment explains that the XRP Network now had its 2nd & 3rd largest address activity spikes of all time over the past two days.
Pro-Ripple advocate and legal expert John Deaton presented some insight and full views on the current XRP price, noting that “XRP sits at $0.48 cents and it’s crazy to think about how many people, who refuse to buy it now, are going to buy it over $1.” Deaton also believes that “fomo won’t likely kick in until $2.”
It’s been a long weekend in the US, so there are not many updates on Ripple’s ongoing battle with the SEC. However, the blockchain startup seems to be gaining some edge during the court hearings over the last few weeks. Recently, the courts have forced the SEC to release the unredacted versions of the William Hinman speech, raising the hopes of a settlement. Many experts in the crypto space are expecting the settlement to happen by July this year, as the summary judgment in the lawsuit could be delivered at any time by Judge Analisa Torres.
Recently, like other crypto players, Ripple has been considering shifting its base outside of the US due to stringent regulatory requirements. However, the company might be awaiting the court’s judgment before making the move. If the outcome falls in Ripple’s favor, the company’s relations with banks could take a turn for the better, driving more liquidity into XRP.
This presented content may include the personal opinion of the author and is subject to market conditions. Hence, it is vital to do your market research before investing in cryptocurrencies. It’s important to note that neither the author nor the publication holds any responsibility for the reader’s personal financial loss.
Source: Coingape
