Why XRP is Pumping Hard Today: Two Key Reasons
The post Why XRP is Pumping Hard Today: Two Key Reasons appeared on BitcoinEthereumNews.com.
After several days of sideways movement, XRP and the broader crypto market are seeing fresh bullish sentiment. However, XRP’s price action has particularly stood out as it is currently the best gainer among the top-ranking crypto assets. Specifically, today, XRP has advanced from $2.42 to an intraday high of $2.76, marking a 14% gain so far. Meanwhile, Bitcoin and Ethereum are up only by 1% within this timeframe, while Solana has seen a 4% gain. Others like BNB and Tron are even trading in the red. Chart showing XRP outperforms Bitcoin and Ethereum | CoinMarketCap Notably, XRP is performing better today following ongoing community excitement about two key regulatory developments. Two Key Reasons for XRP Pump The main event has been the SEC’s recognition of the NYSE’s 19b-4 filing for Grayscale XRP ETF. The regulator published its notice of acknowledgment on Thursday, and excitement has swept the XRP community as they weigh in on its significance. Notably, the acknowledgment marks a significant milestone for XRP, as it opens the path to potential approval. Although the recognition of the XRP ETF filing does not mean approval, it merely confirms that the regulator has signaled it would entertain the proposal. Previously, the SEC had rejected altcoin ETF applications, as seen in the initial Solana case. Public commentators have attributed the latest turnaround to the new officials managing the SEC’s affairs. Specifically, the SEC, under Acting Chair Mark Uyeda, has shown more openness to crypto-based initiatives. Meanwhile, the second factor contributing to XRP’s price performance follows ongoing speculations that the SEC could be preparing to drop the Ripple lawsuit, bringing an ultimate end to the four-year legal battle. The XRP community sees the SEC’s acknowledgment of the XRP ETF as further signs that a settlement is on the horizon. Previously, Bloomberg analysts gave…
Filed under: News - @ February 14, 2025 6:19 pm