Several analysts predicted an “altcoin season” for April, and the current position of the market supports this prediction.
XRP is currently one of the best performing altcoins in the top 30. The price has risen over 21% in the past 24 hours and is currently trading at $ 0.88.
One possible reason for this seems to be the current hearing in the US Securities and Exchange Commission’s (SEC) lawsuit against Ripple. A phone exploration conference will be held today to discuss Ripple’s request for the disclosure of SEC documents regarding the classification of Bitcoin and Ethereum as non-securities.
What’s more, the XRP community hopes the SEC will clarify today that third parties selling XRP, such as exchanges or retail investors, cannot be sued by the SEC for any future activity. In such a case, all exchanges and mutual funds that suspend XRP trading for US customers will likely continue trading within a week or two. As a result, XRP price can experience a strong pump similar to the “Coinbase effect” as has been mentioned several times recently in the community. So the pump seems to be speculation that the SEC will provide clarity today.
But whether this will actually happen is currently unclear. In its response to attorney John E. Deaton’s request for intervention, the SEC made it relatively clear that it was pursuing a two-pronged strategy. Moreover, the SEC claims that Deaton and interventionists are only interested in applying to crypto exchanges to “keep speculative trading” of XRP.
In summary, eyes will continue to share the developments regarding the hearing in the trial that will take place today.