XRP rose 30%, returning to the top 4 after many years

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CoinMarketCap shows that the XRP cryptocurrency has returned to the 4th position in the top 10 list, where it has not been for the past few years.

Source: Coinmarketcap

XRP price has been rising since October 30 and is up nearly 30% year-to-date; it rose from $0.55 to $0.713 – the highest price for XRP since July of this year – before falling back.

This resurgence is likely the result of a combination of factors, including anticipation of the Ripple Swell conference, regulatory approval, and the changing cryptocurrency landscape.

positive motivation

XRP’s value has been steadily increasing since Grayscale’s Bitcoin spot ETF hit the headlines, pushing the broader cryptocurrency market to soar to new highs this year. However, the coin started surging on November 6 following many positive developments over the past week.

An important development is that Ripple received a license to operate in the Dubai International Financial Center (DIFC) free trade zone. This approval effectively legalizes the use of XRP by financial institutions within the DIFC, further establishing its credibility in the financial ecosystem.

However, much of the growing excitement is centered around Ripple’s upcoming Swell conference in Dubai on November 8-9. There has been much speculation that Ripple may reveal plans for an initial public offering (IPO) during the event, with DIFC approval being a precursor.

It is worth noting that previous Swell conferences have often triggered positive reactions in the price of XRP, and this year the market seems to be echoing the same sentiment.

Additionally, Ripple is continuing to forge new partnerships with central banks around the world and solidify its foothold in the central bank digital currency (CBDC) space. Georgia National Bank is the latest bank to choose Ripple to develop its CBDC project, Digital Lari.

File a lawsuit with the SEC

In July, a federal judge ruled that secondary market sales of XRP did not qualify as securities, unlike initial direct sales to financial institutions.

In a recent positive development, the U.S. Securities and Exchange Commission regulator also revoked its ban on Ripple CEO Brad Garlinghouse and the company’s co-founder Chris Larsen Personal accusations. This adds positivity to the XRP bandwagon.

Many cryptocurrency lawyers have made it clear that Ripple is well-positioned to win its dispute with the SEC. Experts believe regulators will propose a settlement to the company that could range from $20 million to hundreds of millions of dollars.

The U.S. Securities and Exchange Commission (SEC) is seeking a massive $770 million fine for illegal sales of XRP to institutional investors. But lawyers said the actual amount would be much smaller.

Jeremy Hogan, attorney and partner at Hogan & Hogan, provided insight into the disagreements in the case.Hogan explains that Ripple may have two arguments respond to this.

First, they might argue that the division should be based on net profits rather than gross profits, as set out in the 2020 SEC v. Liu case. This means that the total cost of doing business should be deducted.

Secondly, he noted the need to reward victims, i.e. individuals or organizations who have suffered losses due to their XRP investments. If an XRP buyer purchased the cryptocurrency for $0.30 and it is now worth $0.60, they may not be considered a victim and therefore have no impact.

Hogan also questioned the SEC’s authority over sales to entities with no ties to the United States.

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