Per an earlier report, the sixth-largest cryptocurrency by market capitalization, XRP recorded a 35% price surge this week. This led to the cross-border payment firm Ripple, shifting a whopping 120 million XRP tokens yesterday in one go to an unknown wallet.
On-chain data showed that XRP tested $0.4702 on Wednesday as unusual buying pressure was exerted on the embattled asset. Following this massive rally in the price of XRP, several crypto strategists and proponents have enquired to know the possible catalyst(s).
Among those who have reacted to the double-digit gains of the XRP Ledger native currency is Ben Armstrong, a popular crypto Youtuber with the nickname BitBoy Crypto. As implied by BitBoy in a Wednesday tweet, XRP’s latest upward price movement is not without a reason.
According to him, investors with insider or privileged information are taking advantage and accumulating XRP. Although he acknowledged not knowing the fundamentals behind the XRP pump this week, BitBoy was certain about hidden positive and bullish news regarding the Ripple-backed cryptocurrency.
He wrote, “You think XRP pumps like this for no reason? Insiders always front run news. The only question is what is the news?”
You think $XRP pumps like this for no reason?
Insiders always front run news. The only question is what is the news?
— Ben Armstrong (@Bitboy_Crypto) March 22, 2023
Possible Reasons Behind XRP Pump
Recall that Brad Garlinghouse stated that the summary judgment in the longstanding XRP lawsuit filed against Ripple by the United States Securities and Exchange Commission (SEC) may be issued by mid-2023. The Ripple CEO also expressed confidence that Judge Torres’ ruling would be in favor of the San Francisco-based crypto solutions company as XRP doesn’t fit into what constitutes a security token.
Likewise, John Deaton, the attorney representing over 75,000 XRP holders in the Ripple-SEC case stated that the SEC’s summary judgment would be denied by the court, stating many salient reasons.
Possibly, these positive expectations regarding the biggest crypto legal tussle of the century could be the trigger behind investors’ accumulation of the token. As previously reported by Times Tabloid, experts say XRP would moon massively if Ripple defeats the SEC.
The upcoming mega xCORE airdrop to all XRP holders could also be another major reason for investors to fill their XRP bags.
On the other hand, the latest XRP rally should not come as a surprise as many technical analysts called these smashed price targets earlier on. This forecast from a top crypto analyst indicates that XRP’s upward movement might just be getting started.
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