5 Things to Know in Crypto Today – XRP Surges on SEC v Ripple Optimism

Cryptocurrency Prices Hold Following the US economy's indicator-driven slump

With a $4.3 billion gain on Sunday, the cryptocurrency market snapped a four-day losing trend to close the day at $905.6 billion. Notably, despite four straight days in the red, the cryptocurrency market also broke a three-week losing skid. The value of the cryptocurrency market rose by $20.9 billion.

With a gain of 18.7%, XRP was among the top performers over the week. Price support came from hope for a successful conclusion in the SEC v. Ripple lawsuit.

But US economic data and Fed monetary policy are putting investors' appetite for risky assets to the test. Bets on 75 basis point Fed rate increases in November and December were driven by ISM Non-Manufacturing PMI figures and Friday's US employment report.

The likelihood of a 75 basis point Fed rate increase in November was 78.1% this morning, up from 56.5% on September 30. Notably, the likelihood of a 75-basis point increase in December has increased to 22.6% from 0% on September 30.

The IMF/World Bank Meetings will generate a lot of market attention later today. The World Bank and the International Monetary Fund (IMF) have issued warnings about the effects of central banks raising interest rates at the same time.

XRP Receives Support Due to Newfound Hope in the SEC v. Ripple Case

XRP increased by 2.87% on Sunday, closing the week up 18.7% at $0.5320. However, the overall crypto market value only saw a slight 2.36% growth. Investor hope for a successful resolution of the SEC v. Ripple lawsuit has lessened the impact of Fed concern on XRP price movement.

A crucial court decision has encouraged rumors that Ripple will win or, in the worst event, that the SEC would agree to a settlement. Expectations of a Ripple win were raised when the Court earlier this month overturned the SEC's argument to the Court's denial of the SEC's effort to shield the papers connected to the William Hinman speech under the attorney-client privilege.

Bitcoin (BTC) and Ethereum (ETH) are not securities, according to William Hinman, Division of Corporation Finance, in a well-known 2018 lecture.

A Ripple response to an SEC objection to two amicus brief petitions fueled more XRP price support. The filings provide a new perspective on XRP that could not support the designation of XRP as a security. In a letter to the court, the defendants were forthright, concluding that the SEC had no business initiating this case in the first place if it couldn't assess the validity of such accusations.

In the end, it could depend on the Hinman documents. The general assumption is that the SEC will ultimately have to provide up the papers, despite the fact that it may appeal the Court's ruling. The consensus is that the SEC will try to reach a settlement at that point rather than allow the documents to be made available to the public.