Ripple’s native cryptocurrency, XRP, has surged by over 18.8% this week, reclaiming the key resistance level of $0.52. This rise has sparked discussions about the reasons behind the recent increase.
While, the recent actions by the SEC, along with potential government pressure, have led to speculation that the investigation into Ripple might soon be over. Could this mean XRP will finally be declared a non-security?
Why Is XRP Pumping?
In a recent tweet post prominent crypto influence Wise Advice tweeted about this remarkable price movement, suggesting that the SEC may be on the verge of ending its investigation into Ripple, the company behind XRP.
Wise Advice noted that the SEC in the past three weeks, the SEC has ended its investigations into several other crypto firms, including Consensys, Paxos, and Hiro. This pattern indicates a broader shift in the SEC’s approach toward the cryptocurrency sector.
This development has led to speculation that the Biden administration may be encouraging the SEC to ease its scrutiny on the crypto industry.
Wise Advice suggests that XRP’s recent price spike is a direct result of these regulatory moves. He believes that the pressure on the SEC could extend to Ripple, potentially leading to the end of the investigation and a declaration that XRP is not a security.
Strong Ripple (XRP) Community
Given XRP’s well-established status and its large, dedicated community, there’s a growing belief that the SEC might end its investigation into Ripple. If the SEC officially declares XRP a non-security, it would be a monumental victory for Ripple and could further boost the price and adoption of XRP.
Bill Morgan’s Profitable Trade
Recently when XRP was trading around $0.39, Pro-XRP lawyer Bill Morgan shared his buy-the-dip strategy in a tweet & stated that I have acquired more XRP at just over $0.40.
However, sharing the current price chart he expressed satisfaction with his earlier decision, saying he is “glad”. In addition, he also said that he would be acquiring more if the price dips further.
As of now, the XRP price was up more than 12% and crossed the $0.52 level. Over the last seven days, the price has noted an increase of about 18.8%.
Also Read: Is Ripple on the Brink of Victory Against SEC: What’s Next for XRP?
