MarketsRippleTradingXRP

New Turn in Ripple Lawsuit Brings Bulls Back to XRP

A new turn in the SEC v. Ripple case has been enough to lure investors back to XRP.
Speculation Mounts Around XRP
The number of XRP-related posts on different social media networks skyrocketed in Mar. 22. In less than three days, engagement rose by a whopping 309%, according to data from LunarCRUSH. 
More importantly, over 80% of all the social interactions were bullish about Ripple’s native token.
XRP Social Engagement by LunarCRUSHThe rising chatter is likely related to a new turn in the SEC’s ongoing lawsuit against Ripple.
According to attorney Jeremy Hogan, the U.S. Securities and Exchange Commission unintentionally implied that exchanges that relist and allow trading of XRP would not violate any guidelines. Under Section 4 of the Securities Act, only Ripple and its affiliates could be accused of illegal sales.
Within minutes of the comment, the hashtag “RelistXRP” was trending on Twitter while the number of related posts skyrocketed.

#RelistXRP is trending in the USA! @coinbase pic.twitter.com/OFbG8jDBkB
— CryptoBull2020 (@CryptoBull2020) March 21, 2021
Still, Park Bramhall, senior counsel at Lowenstein Sandler LLP, believes that the SEC was taken out of context. The lawyer explained that only “parties other than Ripple and its affiliates could rely on the exemption from registration.” 
Large Whales Are Back
Positive social engagement has also led many large investors to add more XRP to their portfolios. 
Santiment’s holder distribution chart shows that the buying pressure behind this cryptocurrency rose dramatically over the past week. The analytics firm recorded a significant spike in …
Story continues on Crypto Briefing

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