On Sunday, the sixth cryptocurrency peaked since September 7, topping $ 1.22.
Traders assessed the actions of Ripple's lawyers, which fend off attacks by the US Securities and Exchange Commission (SEC).
The positive movement of the token is associated with news from the courtroom, where the company proves that the issuance of XRP did not violate securities laws. A SEC regulator acting as a plaintiff could be caught in a lie.
In 2018, SEC spokesman Bill Hinman explained why he doesn't consider Ethereum a security. According to Ripple's lawyers, Hinman's definition is fully applicable to XRP as well.
The SEC insists that Hinman express his personal point of view, but internal correspondence of the regulator from emails and official appeals to lawyers in 2018 proves the opposite. The judge has already requested these documents before October 15, and if they admit the regulator is lying, XRP could rise in value.
Ripple's lawyers also say the SEC has ignored nearly 30,000 RFAs. The Securities and Exchange Commission responded that the inquiries were onerous and that it spent 100 hours responding to 254 such inquiries. RFA is necessary to quickly resolve the conflict between the parties to the case in court, writes beincrypto.
XRP supporters believe an investigation is needed into SEC chief Gary Gensler. When he worked at the Massachusetts Institute of Technology, he considered 75% of cryptocurrencies to be reliable. When Gensler became chairman of the SEC, things suddenly became unreliable.
As Sentiment found out, XRP fundamental indicators in the form of network activity are just starting to gain momentum. The number of daily active XRP addresses has started to skyrocket since early August. The indicator broke the high of early April when XRP was worth around $ 2.