Popular investor Ben Armstrong talked about the reasons for the rise of XRP.
Saying that he is an investor in XRP, ADA and ETH, Armstrong made a statement about XRP to his more than 888 thousand followers on Twitter.
Popular Investor Draws Attention to XRP Rise
Ripple’s native token, XRP, has become one of the most important agenda items in the crypto industry, with an increase of 58.37% last week. Armstrong stated that this long-awaited rise has more than one reason. Armstrong believes that the most important reason for the rise is that the SEC has stopped trying to prove that XRP is a security.
$XRP is pumping for multiple reasons. But if I were to pinpoint one… the SEC basically gave up this week trying to prove XRP is a security.
People in the #ripple community can be pretty confident now the worst case scenario is a fine.#xrparmy
— Ben Armstrong (@Bitboy_Crypto) September 23, 2022
Over the past week, the SEC and Ripple have requested Judge Torres to rule in favor of one of the parties based on the submitted records.
Ripple CEO Brad Garlinghouse has argued that there is sufficient evidence for the case to be settled.
Ripple Labs and the XRP community are optimistic that the case will end in Ripple’s favor, stating that XRP is not a security.
Another popular investor, David Gokhshtein, believes that if Ripple wins the lawsuit, the entire crypto industry will become parabolic.
According to Santiment’s data, another reason for the rise of XRP is the increase in the XRP movement of whales. Nearly one billion XRP tokens were moved last week.
XRP is trading at $0.4915 at the time of writing, according to CoinMarketCap data.
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