The Ripple and SEC war is leading to investment optimism and whale movement. So, will XRP reach $10 soon?
Why is Ripple rising?
An Amicus Briefing is a legal document filed by an institution or person regarding a case where they are not a party to the case but are willing to assist by providing information. In recent developments from the SEC-Ripple lawsuit, the Digital Chamber of Commerce’s request to file an amicus briefing has been upheld by the court. An agency or person providing the Amicus briefing usually deals with the case.
Earlier in the week, the Digital Chamber of Commerce began proceedings to file this brief on the case. According to Department Head Perianne Boring, the case gives a chance to shape the situation for the cryptocurrency framework.
Boring also said that resolving this case will have a huge impact on the crypto industry in the US. He reiterated that it has become necessary to establish well-defined and coherent policies for the rapidly rising industry. The Digital Chamber of Commerce stated in its summary that it does not have all the information to make it clear that the XRP token is unregistered security, as claimed by the SEC.
However, it wants a clear and consistent legal framework for cryptocurrencies. This isn’t the first time the Digital Chamber of Commerce will present an amicus briefing. He did the same in the Telegram case two years ago. As widely reported in various media, Ripple and the SEC submitted a summary resolution motion last week to expedite resolution of the 21-month-old lawsuit.
Both parties agree that the Judge now has sufficient facts to rule. Therefore, the case will no longer need to be prosecuted. After the briefings were presented earlier in the week, the SEC suggested it might need more time. However, Ripple objected to the proposal, saying it was an attempt to delay it.
XRP’s price performs strongly
Meanwhile, data from Santiment states that XRP was among the top earners in the past week. Meanwhile, bears dominated the cryptocurrency market. XRP is up 5 percent in the past week. It gained over 17% compared to BTC and ETH, which lost 16%. Investor optimism has risen and there has been high whale movement around XRP following the recent events in the ongoing legal battle between the SEC and Ripple Labs.
XRP investors are optimistic that a deal between the SEC and Ripple will positively impact the altcoin price. Also, Whales’ altcoin accumulation is generally considered bullish. This is the second main factor causing the rise in the price of XRP. If these two factors come true as predicted, it will come as no surprise that the price of XRP will soon reach $10. The data shows that XRP is trading at $0.475 and has dropped 3.32% in the last 24 hours.
cryptocoin.comAs you follow, Former US congressional candidate David Gokhshtein said that if Ripple wins the case, the altcoin market will rise parabolic.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.