XRP Spikes to 4-Month ATH in Crypto Bear Market

Being the sixth cryptocurrency with the highest market cap, XRP by Ripple is designed to initiate B2B transactions (Bank to Bank) rather than the common P2P (Peer-to-peer) system of the majority of cryptocurrencies.

XRP has always been the different guy in the crypto ecosystem. The cryptocurrency is fully centralized, and controlled by Ripple; the cryptocurrency is created for Bank to bank interactions which are against the vision of crypto and it diverges from the market quite often in terms of price actions.

While crypto ecosystem suffers, XRP gained 46% in 7 days. Let's see the reasons behind it.

SEC Lawsuit is about to end

There has been a lawsuit between SEC and Ripple over the classification of XRP as a security or not! According to the latest news by procoinnews, the Congress owns enough proof to have a final decision on it.

What's being put forward by Ripple is that:

there were no contractual obligations between the company and the owners of XRP tokens. Because of this, the SEC has no reason to make its claim that XRP is security and that the SEC’s claim is basically like an open-ended assertion of jurisdiction without any real evidence.

The market is buying the rumor as far as I see. Ripple, after a long journey, is closer to succeeding against the SEC. When it takes place, XRP is likely to gain more value as a result of the lawsuit.

Whales Detected!

Coingape stated that there is an interest in the crypto market by whales for some reasons. It seems like whales are collecting cheap XRP tokens from the bottom 😉

more than 451 million XRP tokens have been moved to multiple unknown wallets in the past 24 hours. The total purchase is worth around $173 million.

In crypto ecosystem, XRP and XLM always had a different cycle for themselves when the bull-run comes. If we compare the situation with today's crypto market, I can clearly see that some people are buying an important even in the side of XRP!

According to business2community, the latest partnership with Remit may also be an affective factor in the upwards moves of XRP price.

Ripple’s “on-demand liquidity” (ODL) will be used to improve I-Remit’s internal treasury management to enhance cross-border flows.

So basically, there seem to be 2 narratives for XRP to diverge from the negative atmosphere in crypto and spike in terms of value. I do not have any XRP in my crypto bag but I may also add some XRP to my bull-run portfolio.

Considering the bottom levels of cryptocurrencies compared to Bitcoin's local low areas, I believe XRP is still undervalued. Hope to see good days for all cryptocurrencies ✌🏼

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