Bulls Vs Bears: XRP Decouples From Rest of Crypto Gaining Over 4.5%

XRP decouples from the broader crypto market, surging 4.5% as XRP Network sees increased address activity. SEC case likely to settle in July.
By Bhushan Akolkar
May 30, 2023
Ripple Labs

Amid the US government almost finalizing raising the US debt ceiling, Bitcoin (BTC) and the broader market gave a healthy uptick on Monday. However, this remains short-lived as the broader cryptocurrency market loses steam today.

But Ripple’s XRP chooses to decouple from the rest of the crypto market shooting 4.5% in the last 24 hours. As of press time, XRP is trading above $0.50 with a market cap of $26 billion.

advertisement

The recent decoupling in the XRP price happens as the XRP Network sees a strong spurt in the address activity on the platform. On-chain data provider Santiment explains:

XRP Network has now had its 2nd & 3rd largest address activity spikes of all time these past 2 days. A mild +4% decoupling has emerged between $XRP & the #altcoin pack, and if history repeats itself from the March 18th activity spike, it could be more.

Courtesy: Santiment

Pro-Ripple advocate and legal expert John Deaton presented some insight and full views on the current XRP price. In one of his recent tweets, Deaton noted: “XRP sits at .48 cents and it’s crazy to think about how many people, who refuse to buy it now, are going to buy it over $1. What’s even more crazy is that fomo won’t likely kick in until $2”.

XRP Surge Likely With Optimism of Ripple’s Victory

It’s been a long weekend in the US and thus there are not many updates on Ripple’s ongoing battle with the SEC. However, the blockchain startup seems to be gaining some edge during the court hearings over the last few weeks.

Recently, the courts have forced the SEC to release the unredacted versions of the William Hinman speech, raising the hopes of a settlement. Many experts in the crypto space are expecting the settlement to happen by July this year as the summary judgment in the lawsuit could be delivered at any time by Judge Analisa Torres.

Recently, alike other crypto players, Ripple has also been mulling shifting its base outside of the US citing stringent regulatory requirements. However, the company might be awaiting the court’s judgment before making the move. If the outcome falls in Ripple’s favor, the company’s relations with banks could take a turn a turn for the good driving more liquidity into XRP.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Next Story