Ripple’s XRP blasts ahead and could almost hit a three-year high after marking a small SEC victory which ended up with the agency having to provide documents on Bitcoin and Ethereum as reported recently in our Ripple news.
XRP was delisted from multiple exchanges across the globe after it got entangled with the lawsuit with the Securities and Exchange Commission over an alleged securities status. The price now hit $0.948 which marked a 66.15% into April 2021 and the token’s upside surfaced due to a rally on the market but also because of the anticipations that can leave the coin unharmed after the entire SEC ordeal.
"I find a certain irony with bringing a lawsuit against us personally." / PART 1 pic.twitter.com/d0dN8IdqQA
— Julia Chatterley (@jchatterleyCNN) April 1, 2021
The SEC filed a lawsuit against Ripple Labs in December 2020 for selling illegal securities in the form of the pre-mined XRP Tokens and believed that Ripple controlled the coin’s supply and distribution in the early days with more claims to have control over the circulation. As the case dragged on in court, traders started treating the legal proceedings as market indicators so the price surged by over 15% after the SEC agreed to remove the market manipulation claims against the company with other analysts upping their price target after the event with some awaiting for a rally towards $1.
The small legal victory played a huge role in boosting the traders’ support towards the coin. Ripple labs won its bid to redact its private emails out of the public eye last week with the first email containing a conversation between CEO Brad Garlinghosue and another entity. In the meantime, the second email appeared to be crucial to the lawsuit and contained information about the perception of XRP and Ripple’s control over the token. However, Garlinghosue stated that Ripple could do without XRP if they lose the lawsuit.
The catalysts are doing little to explain the ongoing XRP price boom but what could be providing the Ripple token with enough power is the bullish winds and the renewed support and optimism for the altcoin. Ripple’s XRP blasts ahead with BTC stabilized around $60K after posting an incredible bull run over the past year which was driven higher by institutional demand against the fears of policy-led inflation and crashing US dollar index. It now seems however, the XRP benefited from the so-called altcoin season with the token surging against BTC by more than 25% in the past 24 hours.
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