While the rest of the crypto ecosystem looks on, recent XRP news has caused a rally in XRP’s price. Two recent occurrences, in particular, have helped XRP’s price pick up in the past week. On one hand, an image suggesting the XRP price would reach about $600 before the end of the year emerged online. While this is not the first time the image has appeared, media outlets and Reddit posts caused the image to spread faster this time.
On the other, the court asked the counsel for Ripple Labs and the SEC to submit their summary judgments as it prepares to deliver judgment before the year runs out.
Fake XRP News from The Simpsons
A fake scene purported to be from The Simpson cartoon sitcom appeared online, sparking conversations about the future price of XRP. Without due verification, several media outlets shared the image showing Brad Simpson scribbling “XRP to hit $589+ by EOY” on the chalkboard.
It’s understandable why such an image would immediately say the market. Over 34 seasons, Simpson scriptwriters have been predicting major world events. From the emergence of Donald Trump as president in 2016 to the acquisition of Fox by Disney in 2017, these were all predicted accurately in different Simpson episodes.
Given the sitcom’s normal-than-usual habit of making accurate predictions, it’s not surprising that the image started rumors of an imminent XRP bull run.
Eventually, the original creators of the image, XRP Talk and Speculation admitted to creating and using the picture as a video thumbnail. However, the tweet went unnoticed while the rumor continued to spread.
Eventually, the Simpsons writers dedicated an episode to cryptocurrency in 2020 around the time the fake screenshot first circulated. In that episode, Fink launched a cryptocurrency and taught Lisa about it. However, it did not feature any XRP price prediction.
Judge to Pass Judgement in SEC, Ripple Labs Case
Meanwhile, the SEC and Ripple Labs have literally dominated the airwaves in recent weeks. With a court resolution soon to follow, both parties filed summary judgments in the Ripple Court Case this week. A final ruling as to whether Ripple’s 2018 XRP token sale was legal is expected to be delivered in December.
Recall that the SEC accused Ripple Labs of selling unregistered securities to the tune of $1.3bn in 2018. Since then, the firm has been embroiled in a legal battle with the SEC to determine the veracity of the SEC’s claim.
While Ripple acknowledged selling the coins, the firm noted that its asset was not and that the government was overreaching.
XRP to the Moon?
While the image may be fake and the end-of-year prediction impossible to achieve, the recent XRP news has caused the asset price to soar to new heights. Just this month, XRP rose from $0.32 and was trading at $0.48 at the time of writing. While the asset may not be headed to the moon just yet, a further price rally appears feasible.