Mystery Revealed: What Was Behind XRP Price Recent Pump?

The XRP community has been buzzing with excitement following a recent breakout from a multi-month falling trend, and they are hopeful that the bullish thesis will persist in the coming weeks. Despite retracing around 9.8% in the past 24 hours and currently trading at approximately $0.42, community members remain optimistic about XRP’s future.

Relisting Hopes Dimmed by SEC Scrutiny

However, the community’s hopes for the relisting of XRP on top centralized exchanges may not come to fruition anytime soon. Coinbase Global, one of the world’s largest cryptocurrency exchanges, is less likely to relist XRP due to regulatory scrutiny from the Securities and Exchange Commission (SEC). Furthermore, Coinbase recently received a Wells notice from the SEC focused on staking and asset listings.

Ripple Management Team Remains Confident

Despite these setbacks, Ripple’s management team, led by President Monica Long and Chief Legal Officer Stuart Alderoty, is confident that the judge will rule in their favor based on the evidence presented. Nevertheless, the company has been preparing for the worst by diversifying its business in crypto-friendly nations like the United Arab Emirates and European Union countries.

In other news, Ripple recently announced a two-year partnership with Great Ormond Street Hospital Children’s Charity (GOSH Charity) to sponsor the upcoming 2023 TCS London Marathon.

Insider News Behind XRP Pump

According to popular crypto influencer and YouTuber Ben Armstrong, aka BitBoy_Crypto, the recent XRP pump toward $0.49 may be attributed to insider news. Armstrong notes that “Insiders always front-run the news. The only question is, what is the news?” 

Bill Morgan, a well-known lawyer, and digital asset enthusiast supports this theory, and suggests that the XRP pump may be due to a Sologenic integration on XRPL.

Altcoin Season and SEC Scrutiny

As the altcoin season begins with a large cap showing an upsurge in the past few days, BitBoy questions whether the SEC action will suppress some coins in this bull run. Earlier this year, BitBoy made daring projections that SEC Chair Gary Gensler would be forced to retire this year.