Numerous analysts have predicted an “altcoin season” for April, and a look at the top 100 by market cap shows just that. At the top of the best performing altcoins within the top-30 is currently XRP. The price has risen more than 41% in the last 24 hours and now stands at $ 1.
One possible reason for this appears to be today's hearing in the US Securities and Exchange Commission's (SEC) lawsuit against Ripple. As Criptoreport reported, this is the next big event. A discovery conference call will be held at 20:00 CET to discuss Ripple's request for SEC document disclosure regarding the classification of Bitcoin and Ethereum as non-securities.
Members of the public
interested in listening to the conference should dial (877) 402-9757 and enter Access Code
7938632, followed by the pound (#) key.
– Jeremy Hogan (@attorneyjeremy) April 5, 2021
Additionally, the XRP community is hopeful that 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. If this happens, all exchanges and mutual funds that have suspended XRP trading for US clients will likely resume trading within a week or two.
As a result, the price of XRP could experience a strong pump, similar to the “Coinbase effect”, it only doubled, as has been expressed several times recently in the community. Therefore, the bomb appears to be speculation that the SEC will provide clarity today.
However, it seems at least questionable that this actually happens. In its response to attorney John E. Deaton's motion to intervene, the SEC made it relatively clear that it is pursuing a two-front strategy. Apparently you don't want to compromise right now if you are only talking about past XRP sales or after (future) sales as well. Furthermore, the SEC claims that Deaton and the auditors are only interested in re-listing on cryptocurrency exchanges to "resume speculative trading" in XRP.