- XRP is pumping and is currently trading at $0.45 each.
- People are predicting that the Ripple lawsuit is coming to a close in the coming days.
- Widespread banking fears may also prompt Ripple’s partner banks to dabble in XRP.
XRP has awoken from its slumber, as the embattled cryptocurrency is making an unexpected price pump to $0.45. This translates to a 24-hour and 7-day surge of 15.3% and 21.9%, respectively.
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As the chart above shows, XRP made a massive spike from $0.37 to almost $0.5. Many have taken the opportunity to take profit at $0.49, preventing XRP from pumping further.
People are speculating as to why XRP is pumping so much when standard-bearer Bitcoin (BTC) is suffering from market indecision. This is due to the global market waiting for the news regarding the US Federal Reserve’s interest rate announcement.
As for XRP, two events linked to the pump are the imminent conclusion of Ripple’s legal battle with the US Securities and Exchange Commission (SEC) and the global banking crisis.
People who are very interested in the Ripple lawsuit are saying that Judge Analisa Torres’ decision will be announced very soon.
Fox journalist Eleanor Terrett wrote that lawyers working hard on the case are saying that the ruling could come “in the coming days.” This aligns with what other leaders, including Ripple CEO Brad Garlinghouse, are predicting.
Meanwhile, the current banking fears are causing many to look for other means to hedge their asset. And if bank customers are fearing for their safety, they may have another avenue to perform borderless transactions — Ripple’s On Demand Liquidity (ODL).
ODL is Ripple’s cross-border liquidity platform that uses XRP. For those who know little about Ripple, the US-based blockchain firm also has a number of banking partners who use its RippleNet.
Should the banking sector crumble, partner banks may consider dabbling in XRP to survive instead of suffering the same fate as Silvergate Bank, First Republic Bank, and Silicon Valley Bank.
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