Ripple XRP Price at $1.20 on Court Case, wXRP, Coinbase – Time to Buy?

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Ripple XRP is trading back at $1.20 as the XRP army returns to the battle ground in numbers, as sentiment turns bullish for Ripple’s 7th-placed $56 billion market cap crypto.

Three factors have come into play to encourage traders to buy XRP.

As always, the latest developments in the case brought by the US Securities and Exchange Commission are having an impact, this time in a positive way.

XRP is also benefitting from a breakout of top altcoins.

Thirdly, Coinbase may be getting ready to relist XRP.

Buy XRP at eToro from just $50 Now! – Your capital is at risk

Judge makes another ruling likely to favor Ripple XRP

On the court case front, Judge Sarah Netburn has ruled that a request by Ripple for two exhibits (“A” and “B”) to be sealed in the ongoing discovery-related disputes is being interpreted as another result of the succession of trial missteps by the SEC.

The SEC has been ordered to produce to the judge in camera three documents, all of which are thought likely to support Ripple’s defence relating to  Director William Hinman’s speech in June 2018 which said that Ripple was not a security.

The SEC claims this was just a personal opinion, but the email trail and other similar evidence could show otherwise.

Meme coin frenzy calms, top altcoins benefit

A second issue helping the price of XRP right now is the a general bullish sentiment that has been building in recent days with bitcoin leading the market higher after the recent pullback. The confirmation of strong support at $60,000 is encouraging a new attempt to print all-time highs above $67,000.

Top altcoins are all performing well. Solana is up 12% at $231, Cardano, which yesterday slipped under the $2 mark is up 7% at $2.10 and Ethereum continues its outperformance at $3,600, up 4%, according to coinmarketcap.

Meme coin Shiba Inu has come off the boil a little with the SQUID coin rug pull adding to negative sentiment around meme coins, as traders give pause for thought on speculation around the proliferation of meme coin issuance and the lack of due diligence surrounding them by traders hunting for the next Dogecoin or Shiba Inu.

A degree of calming in the meme mania may be seeing serious projects come back into focus.

Coinbase to relist XRP? wXRP coming in December

Lastly, there are rumors that Coinbase may be about to relist XRP, after it was delisted as the SEC case against Ripple began to pose regulatory risks for exchanges that listed the asset.

Coinbase and a host of other US-based exchanges moved to delist XRP in December 2020 after the SEC brought its complaint against Ripple Labs, the developer of XRP.

But on 26 October Coinbase CEO Brian Armstrong wrote a tweet about the court case in which he suggested it was looking good for XRP, with the case”going better than expected”:

And in news relating to the utility of XRP, Wrapped announced that wXRP will be launching on Ethereum next month.

That led Ripple chief technology officer David Schwartz to tweet:

…leading XRP followers to wonder if that might see XRP reappear on a number of exchanges in the wrapped derivative form.

Suffice to says, all of the above factors are combining to add to buying pressure for XRP.

About Gary McFarlane PRO INVESTOR

Gary was the production editor for 15 years at highly regarded UK investment magazine Money Observer. He covered subjects as diverse as social trading and fixed income exchange traded funds. Gary initiated coverage of bitcoin and cryptocurrencies at Money Observer and for three years to July 2020 was the cryptocurrency analyst at the UK’s No. 2 investment platform Interactive Investor. In that role he provided expert commentary to a diverse number of newspapers, and other media outlets, including the Daily Telegraph, Evening Standard and the Sun. Gary has also written widely on cryptocurrencies for various industry publications, such as Coin Desk and The FinTech Times, City AM, Ethereum World News, and InsideBitcoins. Gary is the winner of Cryptocurrency Writer of the Year in the 2018 ADVFN International Awards.

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