• The recent Congressional hearing involving the SEC Chair Gary Gensler has brought renewed hope of regulatory clarity in the United States, particularly for XRP.
• Ripple Labs has made a move to expand its services to other cross-border markets, including Africa, Asia, South America and Europe.
• According to a famous pseudonymous cryptocurrency analyst Cheeky Crypto, XRP is set for major upside following the final ruling.
Recent U.S Regulatory Clarity Rejuvenates Hopes for XRP
The recent Congressional hearing that involved the SEC Chair Gary Gensler has given a renewed hope of regulatory clarity in the United States, especially for the sixth largest digital asset – XRP. Furthermore, the European Union parliament almost unanimously passed the Markets in Crypto-Assets Act (MiCA) legislative standards that put the region ahead of other global markets. Notable here is Ripple’s tremendous entry into the European market through collaboration with local financial regulators on CBDC development.
XRP Price Analysis
Having demonstrated market resilience with an ongoing lawsuit filed by SEC, XRP price action is under scrutiny of many crypto traders. A famous pseudonymous cryptocurrency analyst Cheeky Crypto predicts a huge upside potential in coming days after final ruling in this lawsuit case. As an example they gave Kik Interactive Inc Vs SEC lawsuit that concluded with Kin token being charged as unregistered security and Kik paying $5 million penalty for selling these securities; which led to significant rally in Kin token price action within 7 days time frame.
Ripple Expands Services Across Border Markets
Ripple has not deterred from expanding its services across border markets like Africa, Asia, South America and Europe despite thinning out XRP liquidity in US itself; thus making it easier for cross border transactions at much lower cost as compared to traditional banking systems.
Kin Token Price Action After Settlement
After settlement of Kik Interactive Inc Vs SEC lawsuit early 2020 there was significant rally seen in Kin token price which was nowhere near as popular as XRP yet it saw very significant run up to upside within short period of seven days.
XRP’s price action is currently under scrutiny due to ongoing lawsuit filed by SEC however according to Cheeky Crypto’s analysis there are indications of huge upside potential post final ruling announcement. Ripple Labs have been actively expanding their services across various border markets like Africa, Asia, South America etc . Also looking back at Kin token price example after settlement with SEC reveals how powerful will be this run up on XRP if similar outcome occurs here too.