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