finbold.com
With the majority of the cryptocurrency market making an upward move after a period of stagnation that culminated with a significant dip, XRP is no exception, and one cryptocurrency analyst has identified a few potential catalysts that could move the needle in either direction for the token.
As it happens, pseudonymous crypto expert Cryptoinsightuk has pinpointed several upcoming events and influences that could act as catalysts for the price of the XRP token – positive or negative – depending on their outcome in an analysis shared on September 19.
Events to watch
Specifically, the first of these two events is the decision of Judge Analisa Torres in the legal battle between blockchain company Ripple and the United States Securities and Exchange Commission (SEC) regarding the regulator’s motion to appeal, which the analyst said could happen anytime.
The second is Ripple’s grand celebration party that is set to take place on September 29 in New York City, as announced by the company’s co-founder and CEO Brad Garlinghouse, in the expectation of a triumph in the case against the SEC, which has so far cost the company more than $100 million to date.
XRP price analysis
Meanwhile, XRP was at press time changing hands at the price of $0.51397, recording an increase of 0.96% on the day and gaining as much as 7.74% across the previous week while setting off the losses from the past month, which currently stands at 1.47%, as the recent charts demonstrate.
Interestingly, the New York Department of Financial Services (NYDFS) unveiled the updated regulations on its supervision of digital assets, eliminating XRP from the list of approved cryptocurrencies, but the negative development has so far failed to push the token’s price downward.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.