Ripple payment platform’s native asset, XRP, has witnessed a spike of about 39% over the last 24 hours, from $1 to $1.39. The price jumped by more than 110% over the last week. The rise comes after Ripple’s significant wins by its legal team following a federal judge filed that Ripple’s former CEO Chris Larsen and CEO Brad Garlinghouse do not ought to present their financial records to the SEC. However, XRP has pulled back a little since reaching that high and is, at the time of writing, up 33.16%, valuing XRP at $1.37.
For the uninformed, the SEC accused Ripple of raising $1.3 billion in unregistered securities sales since 2013. However, Ripple dismissed the charges and argued that the regulator should consider XRP to treat Bitcoin or Ethereum as a decentralized project. XRP crashed to $0.26 after the announcement of the lawsuit in December. It further went down when various prominent crypto exchanges like Coinbase and crypto.com terminated the trading of XRP. However, the coin has revived as the crypto market is bullish. XRP’s price is now double its price in the days before the SEC filed the lawsuit.
XRP re-enters into the Top 10 Cryptocurrencies
Moreover, the massive surge in prices comes after the ruling on Friday by the U.S. District Court Judge Sarah Netburn of the Southern District of New York. Sarah Netburn decreed that the SEC’s requests for the records were not “relevant or proportional to the needs of the case.” The judge also ruled upon a motion of discovery, allowing Ripple access to SEC memos and minutes showing the agency’s interpretation or views. These records would reveal why the SEC has not identified Bitcoin or Ethereum as securities.
Suppose the documents consider XRP as a virtual currency instead of a security. In that case, Ripple’s case will strengthen against the lawsuit filed by SEC in December 2020, which claims XRP as a security. Notwithstanding the huge surge in price, which now proffers XRP a 2021 gain of more than 550%, XRP is still down around 60% from its ATH (all-time high) of $3.29 set on January 4th, 2018. Nevertheless, the latest price jump has also driven XRP back into the top 10 cryptocurrencies by market capitalization. XRP is 4th behind only BTC, ETH, and BNB.
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