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.
📈 #XRPNetwork is +17%this past week, while #Bitcoin (-5%), #Ethereum (-16%), and most of #crypto has declined. The ongoing battles between #Ripple & the #SEC regarding increased regulation has mainly led to increased trader optimism & high whale movement. https://t.co/QT81FtWJvB pic.twitter.com/YY4SOJWXaC
— Santiment (@santimentfeed) September 21, 2022
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.
