In today’s weekly crypto review, we are going to take a look at Ripple’s unbelievable upsurge and other juicy events and developments that have graced the crypto industry in the last 7 days.
Ripple surges 80%
XRP gained 80% on Friday 21 September, after struggling as one of the worst performing top digital currencies in 2018. Additionally, this surge saw the coin’s market cap increase to around $26.8 billion, surpassing Ethereum as the world’s second largest cryptocurrency, according to data from coinmarketcap. This brought the coin’s gains in the last week to about 115%.
For months, Ripple has been establishing partnerships with big institutions, and it seems this strategy has finally paid off. For instance, America’s (PNC) just endorsed the coin, also there were rumors that xRapid would be launched sooner. These are some of the reasons that may have caused the sudden surge in XRP’s price.
SEC to seek further direction on Bitcoin ETF decision
The Securities and Exchange Commission stated that it would seek further direction before giving a final judgment on the highly anticipated Bitcoin ETF verdict. According to the SEC, there are 18 key issues that need to be discussed further, and that will also require a public opinion. The additional analysis will help them make an informed decision for the greater good.
Marijuana and Tilray stocks go poof after smoking cryptocurrency
Financial markets were appalled after cannabis shares overtook cryptocurrency as the trade of choice. This led to many news articles making references to cannabis more times compared to cryptocurrency.
This was as a result of Tilray’s announcement of the DEA’s approval to export a cannabinoid study drug into the US, for clinical tests. The announcement saw the stocks surge from $120 to about $300 billion from Monday to Friday.
From today’s weekly crypto review, what verdict do you think the SEC will give?
Share your views in the comments section below