XRP has surged by 5% in the middle of a broader market downturn, mainly driven by sentiment around an incoming Ripple-SEC settlement.
The SEC's recent filing in its case against Binance shows that it might be softening its stance over XRP as a security.
XRP's open interest is increasing, which shows growing investor interest.
On the other hand, Ripple is set to release 1 billion tokens today which might affect its price.
Ripple recently partnered with Brazil's Fenasbac to accelerate blockchain innovation within the country.
XRP has bucked the ongoing market trend with a relatively impressive surge in its price.
While Bitcoin and Ethereum are nursing losses on their daily and weekly timeframes, XRO is up by as much as 5% on both, after climbing by around 7% on Tuesday, in its highest-ever climb since 25 March.
Most of the bullish fuel for XRP has been the latest update on an incoming settlement between Ripple and the SEC, and we should take a look at what’s been going on.
According to a recent U.S. Securities and Exchange Commission filing, the agency is seeking to adjust its complaint against Binance, claiming that XRP, Solana and other cryptocurrencies were securities.
The filing addressed "Third Party Crypto Asset Securities," which suggests that the judge may not need to decide whether tokens like $SOL, $MATIC, or $XRP are “unregistered securities," as the SEC previously claimed.
Because of this, while the market has been mostly red so far, cryptocurrencies like BNB, XRP and Solana have remained green, bucking the overall trend.
Interestingly, Coinglass data shows that XRP's open interest is starting to rally to levels last seen in the general market uptrend in March when Bitcoin made its previous all-time high.
Adding to the buzz within the market, Ripple is set to release 1 billion XRP tokens, equivalent to more than $600 million by current prices today, which might do something to drive down the price.
Overall, the SEC and Ripple settlement is approaching quickly, so we might soon see even more significant upswings in cryptocurrency.
Aside from the news of the settlement with the U.S. agency, Ripple is also making strides in other sectors.
Recently, the company announced a partnership with Fenasbac, Brazil’s financial services association.
This partnership is geared towards accelerating blockchain innovation within the country as part of Fenasbac’s upcoming blockchain accelerator program, known as Next.
Both of these companies will partner to offer resources, mentorship, and investment opportunities to early-stage fintech companies.
Through this accelerator program, Ripple aims to sponsor two fintech companies focused on blockchain technology, including the XRP Ledger.
The companies will be tasked with developing solutions in areas such as payments, asset tokenization, treasury management, and lending. This marks the second successful collaboration between Ripple and Fenasbac.
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