Ripple’s lawsuit is finally over… Alone in the chaotic ‘30% surge’ market [위클리 코인리뷰]

Weekly Coin Review is a corner that looks around the cryptocurrency (virtual asset) market for a week. We provide information about the market, which is so complex and scattered, to ‘distributors’. This is a review from last week, so it may be significantly different from the current price. All investment decisions and investment results are the sole responsibility of the investor. [편집자]

The price of Bitcoin this week has literally been ‘going up and down’ in a chaotic flow. In one day, he produced a scene that went up and down 1 million to 2 million which he won several times. However, Ripple increased by about 30% in a week. As a lawsuit with the US Securities and Exchange Commission (SEC), which has been slow, is likely to be concluded, expectations in the coin market have also increased.

According to CoinMarketCap on the 25th, the bitcoin price recorded a low of 25,553,906 won (22nd and Thursday) and a high of 27,559,838 won (24th and Saturday) from September 19th to 25th. During this period, Bitcoin repeated up and down by 3 to 7% (about 1 million to 2 million won). The weekly decrease was -5.30%. Ethereum, the largest altcoin, also showed a similar trend. Ethereum is down 9.06% for the week.

Bitcoin’s chaotic market is believed to be due to the fact that the United States Federal Reserve (Fed) has recently raised interest rates again, weakening investor sentiment in risky assets such as cryptocurrencies. The Fed decided to raise the benchmark interest rate by 0.75 percentage points at the Federal Open Market Committee (FOMC) meeting held on the 22nd (our time). This is the third ‘Giant Step’ in a row following last June and July.

Cryptocurrency price KRW weekly (September 19-25). (From top) Bitcoin (BTC), Ethereum (ETH), Ripple (XRP). [사진 코인마켓캡]

On the other hand, Ripple, unlike Bitcoin, showed an upward trend throughout the week. As of 1:20 pm on the 25th, the price of Ripple was 3.48% lower than 24 hours ago, forming a price of 695 won. At around 2:30pm on the 23rd, it increased to 778 won, up 63.79% from the low on the 19th (475 won). The average rate of increase for the past week was also high at 30.9%.

Ripple’s publisher, Ripple Labs and the SEC recently filed for summary judgment. Therefore, the expectation that Ripple’s litigation risk will be resolved is believed to have greatly affected the price. In 2020, the SEC filed a lawsuit against Ripple for ‘selling unregistered securities’.

On the 22nd (local time), cryptocurrency media outlet YouTube said, “The market expects Ripple to secure a favorable court decision after a fierce legal battle that has lasted for almost two years which will have a significant impact on the

David Gochstein, founder of blockchain media Gochstein Media and former US House of Representatives nominee, tweeted, “If Ripple wins, the entire cryptocurrency industry will gain momentum.”

Van Gochstein previously mentioned in a tweet that “Ripple’s victory will lead to the rise of Ripple, not only Ripple, but all legitimate digital currencies.” He added, “Ripple has the strongest power among cryptocurrencies.

Ripple Labs’ legal advisor also expressed the opinion that the end of a long legal battle is in sight. “There are no allegations of fraud, misrepresentation, or market manipulation in this lawsuit,” said Stuart Alderlotti, legal counsel, in an interview with CoinDesk TV.

Reporter Hyung-jun Yoon yoonbro@edaily.co.kr