CoinLoan Weekly: Crypto Market’s Rise, Ripple vs. SEC

Price Dynamics

Bitcoin Price

Last week, Bitcoin went sideways, fluctuating between $60,000 and $62,000. The leading cryptocurrency didn't return to its all-time high figures, missing the mark by a few points.

BTC price chart Source:CoingGecko
BTC price chart. Source: CoinGecko

However, on Monday, November 8th, Bitcoin is in an exponential upward movement. At the time of writing, the BTC price is $65,985, gaining 6.5% in the last 24 hours and 7.3% during the week.

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Ethereum Price

The Ethereum price didn't show extensive ups or downs, bouncing between $4,291 and $4,372 between Monday and Saturday. The situation changed on Sunday, when ETH was a subject of rapid growth, adding almost $500 to its value.

ETH price chart. Source: CoinGecko
ETH price chart. Source: CoinGecko

On November 8th, the second leading cryptocurrency surged, updating its all-time high, now at the $4,744 mark.  Previously, Goldman Sachs stated it expects the ETH price to reach $8,000 by the end of the year.

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XRP Price

Just as with other cryptocurrencies, XRP did not add up too much last week. Its price continued to go up and down for the entire period, ranging between $1.10 and $1.12 well until Sunday.

XRP price chart. Source: CoinGecko
XRP price chart. Source: CoinGecko

On Sunday, November 7th, the coin’s price started to overgrow, reaching $1.28 on Monday, November 8th. The 24-hour price change is 7.4%, the 7-day difference remains positive – 13.4%.

Cryptocurrency News

Ripple vs. SEC: New Updates

Ripple has been debating with the Security Exchange Commission (SEC) for months regarding XRP. SEC sees XRP as a security, meaning Ripple’s assets fall under specific laws and regulations. James Filan, defense lawyer and former federal prosecutor, previously shared case updates and now posted more details in his recent tweet.

Source: Twitter
Source: Twitter

The posted documents outline SEC’s demands to the company and actions that Ripple was supposed to take. Based on the information, the case won’t have the finale this year. The last deadline for Expert Discovery is January 14th, 2021.