On Monday, Bitcoin (BTC) and the broader market had a good bounce amid the US government almost successfully lifting the US debt ceiling. This is still transient, though, as the overall cryptocurrency market is currently losing pace.
However, Ripple’s XRP has decided to break apart from the rest of the cryptocurrency market, rising 4.5% over the past 24 hours. At the time of publication, XRP had a market cap of $26 billion and is trading above $0.50.
XRP Decouples
The price of XRP has just started to decouple as address activity on the platform has increased significantly, according to the XRP Network. The previous two days have seen the second and third-largest address activity increases in XRP Network history.
There has been a slight decoupling of +4% between $XRP and the #altcoin pack, and if the March 18th activity spike is any indication, there may be even more.
- Bitcoin bounced amid US debt ceiling lifting; overall cryptocurrency market losing pace.
- XRP price decouples due to a significant address activity increase.
- SEC orders public William Hinman speech, no resolution, expected July settlement.
John Deaton, a pro-Ripple supporter and legal expert, gave his whole perspective on the current XRP pricing. Recent tweets from Deaton included the following statement: “XRP sits at.48 cents and it’s insane to think of how many people, who refuse to buy it now, are going to buy it over $1. Even stranger, FOMO probably won’t start working until $2.
There haven’t been many updates on Ripple’s ongoing conflict with the SEC because of the long weekend that just ended in the US. The blockchain startup appears to be gaining ground throughout the recent court proceedings, nevertheless.
There is no more hope for a resolution after the courts recently ordered the SEC to make the unredacted versions of the William Hinman speech public. Since Judge Analisa Torres could issue the lawsuit’s summary judgment at any time, many analysts in the crypto field anticipate the settlement to take place by July of this year.
