Ripple Hits $1.47 Reflecting the Success in Legal Battle With SEC
Ripple’s XRP is on course to record a daily gain of 30% following a weekend rally aided by a series of legal victories and unconfirmed news of getting listed at certain cryptocurrency exchanges.
While Bitcoin (BTC) and Ethereum (ETH) have gained only 2.7% and 3.4%, respectively, XRP surged to $1.46%, reflecting a gain of 39%.
The cryptocurrency has gained 120% in a week and almost 550% in the past 12 months. The latest uptrend also pushed XRP back into the top 5 list of cryptos by marketcap, with only Bitcoin (BTC), Ether (ETH) and Binance Coin (BNB) ahead of it.
The uptrend happens against the backdrop of a legal case filed by the Securities and Exchange Commission, which alleges that XRP’s initial coin offer (ICO) of $1.30 billion was an “unregistered securities offering.”
The report paved way for delisting of XRP in several cryptocurrency exchanges and the native crypto of RippleNet was dismantled from its place in the list of top five cryptos in terms of marketcap. There were also speculations that XRP will lose its place from the top 10 list of cryptocurrencies by market cap.
The terrible news related to XRP did not halt with the SEC. Back in March, Ripple CEO Brad Garlinghouse stated that the enterprise would be “winding down” its association with Moneygram, a partnership held with great regard in the past as investors regularly cited it as an evidence for the digital currency to be on course towards transforming into a “standard” for payments and settlement.
— sats (@satsdart) April 10, 2021
In spite of the series of negative news, it seems all that buyers require was a minuscule glimmer of hope to enter again and they have received what they asked for. Lawyers of Ripple have recorded two successive victories in their ongoing legal fight with the SEC.
The first victory allows them to have access to in-house discussion among the SEC representatives about cryptos. The second success came when the court disallowed the SEC to reveal the financial reports of two executives of Ripple, including Brad Garlinghouse.
Despite the series of negative news reports, executives of Ripple seem to be happy as reflected in the statement of CTO David Schwartz, who stated that the US is not “prepared” to bring cryptos under governance, a likely poke at the continuing legal cases.
Overall, it is yet another notable week for one of the controversial tokens in the crypto domain.