The recent Congressional hearing that involved the SEC Chair Gary Gensler has rejuvenated hopes 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. Notably, Ripple Labs has made a tremendous entry into the European market, having collaborated with local financial regulators on CBDC development.
With a thinning XRP liquidity in the United States, Ripple has not shied from expanding its services to other cross-border markets, including Africa, Asia, South America, and Europe.
XRP Price Analysis
Having demonstrated market resilience with the ongoing lawsuit filed by the SEC, XRP price action is under the radar of almost all crypto traders. According to a famous pseudonymous cryptocurrency analyst, Cheeky Crypto, the XRP market is poised for a major upside after the final ruling.
Notably, the analyst gave an example of the Kik Interactive Inc. Vs SEC lawsuit in early 2020 that concluded with Kin token charged as an unregistered security. As a result, Kik was made to pay $5 million in a penalty for selling unregistered securities.
Interestingly, the aftermath of the settlement was a significant rally in the Kin token price action.
“This Kin token wasn’t anywhere near as known as XRP by any stretch of the imagination and we can see that within a short period of seven days, the coin saw a very significant run to the upside…. I think it is going to be much more powerful on XRP,” the analyst at Cheecky Crypto noted.
Nevertheless, it is worth noting that the price of Kin token has never retested the ATH achieved during the 2017/2018 crypto bull market.