Since breaking the resistance at $25,200, Bitcoin (BTC) has been facing an extended decline. Meanwhile, Ripple’s XRP continues a fourth day in the green and prints almost 9% over this period. How can this counter-current rise be explained?
XRP against the market trend
The price of Ripple (XRP) continues a fourth day in the green and prints an increase of 8.47% over this period. A performance that denotes, in a rather gloomy market context in recent days.
Performance of Ripple (XRP) in 4 days
In effect, Bitcoin (BTC) is down 5% over the same period. In addition, the queen of cryptocurrencies has fallen 15% since February 21, when the price failed at the symbolic resistance of $25,200.
As Vincent Ganne mentioned in the columns of Cryptoast, the fundamental pressure is at its peak with the Silvergate affairwhile the global macro-economic context is tarnished by the interventions of central bank directors.
SO what explains this contrarian rise in XRP from Ripple ?
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A rise in anticipation of a Ripple victory against the SEC?
There are strong reasons to believe that this rise in XRP signals investors’ hopes for a potential victory for Ripple in this long legal battle between it and the Securities and Exchange Commission (SEC).
As a reminder, the American financial policeman accuses Ripple of having proceeded to an illegal sale of financial securities (securities) when it sold its XRP. An accusation that comes up more and more and that affects other important digital assets.
Except that this trial took a new turn on March 6. While the SEC and Ripple had recently asked the court to withdraw expert testimony, Judge Analisa Torres agreed to exclude that of the number 1 witness selected by the SEC, Patrick Doodysupposed to report the true profit intentions of XRP investors.
A news positively received by XRP advocates, which could explain the rise in the price of the asset despite the context. Moreover, Brad Garlinghouse, CEO of Ripple himself expressed his satisfaction: “It’s only Tuesday, but it’s shaping up to be a tough week for the SEC”.
It’s only Tuesday, but shaping up to be a not-so-great week for the SEC (this ruling, Voyager, Grayscale) https://t.co/Cyoi41uNI8
— Brad Garlinghouse (@bgarlinghouse) March 8, 2023
In recent weeks, the SEC has tightened its policy towards companies in the cryptocurrency industry. First of all Paxos, Binance’s BUSD issuer, then Coinbase and finally Krakenall these platforms have suffered an attack from the American financial policeman.
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Journalist for Cryptoast, I strive to dissect every detail of the exciting world of cryptocurrencies and make it accessible and understandable to as many people as possible.
Lilian Aliaga
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