Ripple coin (XRP) has been doing very well for itself throughout October in terms of price.
XRP has risen by almost 20% over the last seven days, indicating strength on the part of the bulls. This move to the upside by XRP is widely expected due to several factors surrounding Ripple Labs, its parent organization.
One of these causes of XRP’s price action is the outcome of the ongoing court case the SEC filed against them in 2020.
Ripple Price Action
Over the better part of 2021 till the present, the price of Ripple Coin has crashed heavily, from a high of almost $2 in April 2021. The cryptocurrency’s price hit a low of $0.2859 in June and trended upward toward the +$0.7 zone.
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The timeline of this uptrend coincides with one of the most publicized court orders for a conference call over the release of the Hinman documents.
Overall, the court case between Ripple and the SEC is still far from a conclusion. However, there are visible signs that the end is almost near.
Many members of the XRP community have predicted that Ripple Coin may be on its way to hitting a high of $1. Currently, the price of Ripple coin sits around the $0.48 level, and a move of this magnitude to the upside would turn out to be a 110% upward rally.
Two Days Left For Reconsideration Motion
The SEC so far has put in considerable effort to conceal the Hinman documents. The SEC will no doubt take any possible routes to hide these documents.
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One of the manoeuvers the SEC may choose to employ is filing a counter-motion, asking US District Court Judge Analisa Torres to reconsider the order she gave in September for the release of the documents.
According to a tweet from US defense lawyer and former federal prosecutor James K. Filan, the SEC can only file such a motion from October 13 – Two days from today (11 October)
By doing this, the SEC can either request that Judge Torres certifies an appeal of her decision or approach the court of appeal for a Writ of Mandamus. However, the SEC has not made a move in compliance or defiance since the September original ruling.
Ripple Keeps Inking New Partnerships
Despite the crypto market’s reds in the current bear market, Ripple has been growing fast. This growth is especially noticeable from the rate at which the company has hired new engineers and signed new partnerships.
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Ripple was even recognized as one of America’s fastest-growing companies in August 2022, by the Inc. Magazine.
However, one of the recent partnerships Ripple has signed is in European countries like France and Sweden. This serves as an important milestone in the company’s march into Europe, despite the winter in the general crypto market.
Lemonway is a Paris-based regulated payments provider, and one of the first companies Ripple has signed a partnership with. The next is Xbaht, a Swedish money transfer provider between Sweden and Thailand.
Over time, RippleNet, a collection of banks that utilize Ripple’s blockchain network for their international payment systems, has garnered payments to an average of $15 billion yearly.
While most other crypto firms like OpenSea and Immutable Games Studio have had a hard time keeping up with the bear market and have had to lay off several workers, Ripple appears to be doing just fine.
Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)