XRP Price Up Over 9 Percent Due to Ripple Labs vs SEC Update

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The latest news of a feud between Ripple Labs versus the US SEC has brought the price spike on the cryptocurrency XRP, up more than 9 percent.

The price of the XRP cryptocurrency has been on hold for quite some time, even in the 2021 crypto hype, because of the feud. Investors still choose to wait and see while considering the future prospects of the crypto.

Prior to the US SEC's claim that XRP was a security token, Ripple was ranked in the top five cryptocurrencies by market capitalization.

XRP Price Soars

According to an Ethereum World News report, a new chapter of the Ripple Labs versus US SEC feud has begun.

Ripple's defense attorney, James Filan, has shared the new update via Twitter, which has investors hoping it will end well for the blockchain-based payments company.

Filan highlighted SEC Chair Gery Gensler's statement on the types of assets considered securities. That includes cryptocurrencies that run on proof of stake (PoS) consensus, which is considered to be securities as well.

Of course, the statement has sparked a heated debate on Twitter. In essence, crypto advocates and investors are questioning the SEC's “true view” of securities.

This is considered to be in Ripple's favor because there is no solid basis for the US SEC to continue to accuse XRP of being a crypto security. Chances are, this case will also end soon and be won by Ripple.

As a result, the price of XRP also shot up more than 9 percent on Friday (16/9/2022), and at the time of writing it has continued to climb again, more than 5 percent.

BTC Market Rise in October?

On the other hand, based on historical data, the price of Bitcoin seems to still be moving like the same trend in the last decade.

Bitcoin News reports that following moves in the past, the price of Bitcoin (BTC) in September was very bad, almost the same as it is today.

In September 2013, the price of BTC fell sharply from US$240 to US$138. From 2014 to 2021, the price of BTC also ended in the red in September.

However in October 2021, the price formed a strong rebound that led BTC to print a new ATH price in November 2021, before falling into a bearish crypto market, until today.

Based on the pattern over the past decade, September is seen as a bearish month, while October is a bullish month.

Will October be bullish for Bitcoin prices? It will still adhere to the policies of the US central bank (the Fed).

If the Fed raises interest rates again at its meeting later, it is likely that BTC prices will fall again. It is possible that the recovery in October will not be repeated this year.

Based on the relationship between the crypto market and the stock market, the bullish outlook will still hold fast to any Fed policy. Lets watch.

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