This Friday, Ripple’s XRP, with a rise of 9.15% over the previous day and barely over the crucial psychological level of $0.5, leads the top 10 cryptocurrencies in terms of bullishness.
This Friday’s cryptocurrency and market mood is favorable for XRP, but other recent positive news stories have also supported and contributed to the increase.
In particular, the well-known Canadian cryptocurrency exchange Newton Crypto, which had previously withdrawn XRP from its site in response to the complaint, declared yesterday night through the voice of its CEO and co-founder Dustin Walper that XRP is once more accessible on the platform.
This week, the Coinbase (NASDAQ:COIN) platform also sided with Ripple against the SEC, which raises the possibility of XRP becoming soon re-available on the platform.
In this regard, it should be noted that the CEO of Ripple, Brad Garlinghouse, tweeted last night that at least 12 companies had joined his battle against the SEC. This was done through a unique process that permits parties who are not directly involved in the lawsuit to testify and offer their opinions.
“For those of you keeping count, 12 (!) amici have been submitted. It’s unprecedented (I’m told) for this to happen at this point. They each explain – in their own way – the irreparable harm the SEC will do to every facet of the US crypto economy if it gets its way,” Garlinghouse wrote.
Recall that the SEC claims that Ripple issued securities unlawfully by promoting XRP, but the company contends that XRP qualifies as a security.
Ultimately, rising optimism that Ripple will prevail in its SEC battle is what is mostly responsible for XRP’s surge today and in recent weeks. A SEC win would create a precedent that would essentially subject most cryptocurrencies to inappropriate SEC laws, which would be highly advantageous not just for Ripple but for the whole cryptocurrency market.