Twitter user Ben Armstrong, investor and holder of XRP, ADA and ETH, according to his Twitter bio, has tweeted to his 888.4 million army of followers that he knows the main reason of XRP pumping in the past week.
Major reason for XRP rise
In the past week, the seventh largest digital currency has added a staggering 58.37 percent. Armstrong believes that there are multiple reasons for this long-expected rise. However, he believes the main driver here has been the fact that “the SEC basically gave up trying to prove XRP is a security”.
$XRP is pumping for multiple reasons. But if I were to pinpoint one… the SEC basically gave up this week trying to prove XRP is a security.
People in the #ripple community can be pretty confident now the worst case scenario is a fine.#xrparmy
— Ben Armstrong (@Bitboy_Crypto) September 23, 2022
Over the past weekend, both SEC and Ripple filed motions for summary judgment, expecting Judge Torres to make a verdict in favor of one of the sides based on evidence provided in all the previous filings.
In a recent interview, chief executive of Ripple Brad Garlinghouse stated that the judge has enough evidence to come to a verdict in favor of one of the parties without sending the case to a jury trial.
Ripple Labs and the XRP community are optimistic that the judge will end the case in favor of Ripple, stating that XRP is not a security.
As reported by U.Today earlier, influencer David Gokhshtein believes that if Ripple finally manages to win this case, the whole crypto industry will go parabolic.
Whales moving large amounts of XRP
Another reason for the recent XRP surge, according to Sentiment data aggregator, is an increase in whale XRP movement. Over the past week, Whale Alert crypto tracker has been noticing staggering amounts of XRP shifted by anonymous addresses with Ripple taking part in those too.
Up to one billion XRP tokens has been moved over the past week, according to the aforementioned source.
At the time of this writing, XRP is changing hands at $0.49560 on the Bitstamp exchange.