XRP Defying Bearish Crypto Market
• XRP has been rising in price despite news of Silvergate Bank’s plan to liquidate and a bearish crypto market.
• Technical indicators are bullish, indicating a potential return to $0.45 for XRP.
• Positive sentiment regarding the ongoing SEC vs Ripple case has been driving XRP’s recent gains.
Silvergate Bank Plans Liquidation
Silvergate Bank is planning to close its doors, causing other major cryptocurrencies such as Bitcoin, Ethereum, Cardano and Solana to lose value throughout the week. Despite this news, XRP has seen a slight price increase and is currently trading at $0.3944 at the time of writing.
Ripple vs SEC Case Updates
Investors are closely monitoring the Ripple vs SEC case after Monday’s Court rulings which saw Presiding Judge Torres grant and deny motions from both sides. The SEC’s motions to exclude expert witness testimony were denied, providing Ripple with a better footing in their case against the Securities Exchange Commission.
Ripple CEO Comments Boost XRP Price
Ripple CEO Brad Garlinghouse has expressed his opposition to the SEC’s stance on cryptocurrency and suggested that US regulators could learn from other nations that have already established clear regulatory frameworks for cryptocurrencies. His comments have given investors confidence in Ripple’s ability to win their legal fight against the SEC and have contributed to an increase in XRP prices over the past few days.
Despite negative news concerning Silvergate Bank’s plans for liquidation, XRP has managed to defy bearish trends across the crypto market and continue its upwards trend due largely in part to updates from the Ripple vs SEC case as well as encouraging words from Ripple CEO Brad Garlinghouse.