XRP news was generally positive in the last few days. The cryptocurrency climbed 10%, going against the flow of the market, thanks to the effort of its bulls. The token even showed signs of pushing for another 12%, but it failed to overcome the selling pressure experienced by the market due to the ongoing conflict in Eastern Europe.
Regardless, the recent surge that XRP experienced was seen as a great sign by the investors. This upswing came even with the growing uncertainty from investors due to the Ukraine-Russia conflict. However, the most likely reason for this newfound confidence in the token may be the recent SEC v. Ripple lawsuit developments.
In the last months, members of the wider cryptocurrency space have been keeping a close eye on the lawsuit. On February 9, Chris MacDonald and Jon Quast discussed what may happen once the case concludes.
Jon Quast opened up the topic about XRP and the company. Chris MacDonald then explained the nature and relationship of the XRP to its mother company, Ripple. He mentioned how XRP and RippleNet are essentially cryptocurrencies used for large-scale institutional cross-border remittances.
MacDonald further elaborated on this point. He compared Ripple’s system to SWIFT, which is currently the largest payment system used by most of the global market. He thinks that Ripple is still small compared to this giant, but its business is growing.
However, he notes that the December 2020 lawsuit filed by the SEC against the company is its main problem. He further adds that the recent developments in the case might be good for Ripple, but he still thinks that whether the judge rules for or against the company, it would still be great for the XRP.
Lastly, he compared Ripple’s situation to Alibaba, where the Chinese government demanded a $2.8 billion fine. Immediately after this news went public, the company’s stock rose 10%. With the recent positive sentiments for XRP, MacDonald expects the same to happen for the token.