Ben Armstrong, one of the most famous figures active in the field of digital currencies on Twitter and YouTube, recently mentioned on his Twitter page the reasons for the recent jump in the price of Ripple. He says that the US Securities and Exchange Commission has stopped trying to prove that Ripple’s activity is illegal.
To Report Today, Ripple has increased in price by more than 40% during the past week, and Armstrong, although he believes that this significant jump and is against the general direction of the market, has several reasons, he says that the main driver of the price during this period is that the United States Exchange Commission is one of the efforts He has stopped to prove that the “XRP” token is considered a security.
Last week, both Ripple and the US Stock Exchange Commission requested a summary judgment from the judge in their case in separate requests; That is, the litigants have asked the judge to issue a verdict in favor of one of them, citing the evidence presented in the previous cases. It should be noted that summary judgments are provided when one of the involved parties believes that there is enough evidence to issue a judgment without the need for a trial.
Brad Garlinghouse, CEO of Ripple Group, recently said in an interview that the judge has enough evidence to issue a final verdict in favor of one of the parties in the lawsuit, without the need to refer the case to a jury.
Ripple Labs and the XRP community are both optimistic that the judge will rule in their favor and that the XRP token cannot be considered a security. David Gokhshtein, one of the influencers of the digital currency space, also believes that Ripple’s victory in this case will benefit the entire digital currency industry.
Another reason for the recent jump in the price of Ripple is the increase in the activity of whales of this digital currency, which is depicted in the chart of Sentiment. Over the past week, large sums of XRP have been moved from unknown addresses, which, of course, also involved the Ripple Group itself. In other words, during the last seven days, about one billion units of XRP have been moved in the network of this digital currency.