XRP is up 30% today and it outperformed Bitcoin, Ethereum and other leading cryptos in the market. XRP is up nearly 65% in the last 7 days, delivering fantastic returns for investors this month. The asset is attracting heavy bullish sentiment and has been in an upward trajectory for the past 30 days. It rose from $0.32 to $0.54 in a short time, despite crypto markets trading in the red.
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Why is XRP rising in price?
XRP will increase in price in September 2022 for three reasons. The reasons include:
- Increased entrepreneurial optimism
- Ripple vs SEC Lawsuit
- High Whale Movements
The optimism of traders in XRP has increased this month and investors are willing to take the risk to place their bets in the crypto. The risk paid off as it asset defied the market trend and traded in the green while most cryptos were in the red. The development caused XRP to break out further in price and remained bullish in September.
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In addition, reports state that the Ripple vs SEC lawsuit goes in favor of Ripple. This contributed to increased investor confidence. There are also rumors that the court will rule and settle the Ripple vs SEC lawsuit in December 2022. Both Ripple and the SEC have asked a judge to settle their pending lawsuit and a quick judgment.
Whales have also shown confidence in XRP this month and have gone all in on the crypto. Recently, a mysterious and unidentified whale transferred 30 million XRP worth $12.5 million to Bitso.
Another whale displaced 261 million XRP causing the price to skyrocket. The movement of whales in XRP has increased dramatically and there is a feeling that the case against Ripple is over.
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At the time of writing, XRP was trading at $0.55 and is up 30/1% in 24-hour trading. The Crypto is down 84.3% from its all-time high of $3.40, which it reached in January 2018.