Ripple News

XRP price soars amidst SEC lawsuit

TL;DR Breakdown

  • XRP value reaches intra-day ATH.
  • XRP prices briefly surpass $0.50 upper resistance point.
  • Result of the SEC’s lawsuit may determine the future of XRP.

The past weeks following the United States Securities and Exchange Commission (SEC) amended lawsuit against Ripple and its executives have witnessed a bearish trend in the price of the Ripple’s blockchain token, XRP. Within this period, Ripple announced that XRP holders suffered a huge loss totalling about $15 billion, a consequence of the diminishing value of XRP due to the ongoing SEC vs Ripple case.

The damages didn’t only affect Ripple holders; in fact, the cryptocurrency company saw many of its partners leave, a notable one being the finance company MoneyGram. The XRP token was also deeply affected, not just in price devaluation, but the cryptocurrency was also delisted from many crypto exchange platforms, including the notable Coinbase and Binance.

However, on Tuesday, the cryptocurrency saw a beam of sunlight, despite the numerous clouds of darkness surrounding it. XRP took a sharp turn from its previous bearish trend, climbing steadily until it eclipsed the $0.5 upper resistance.

XRP price appreciation

XRP price underwent a whopping 19.5% increase as its value appreciated, rising to an intra-day high of $0.52 on Tuesday. While it was unable to sustain this upward thrust, the price reverted to just under $0.5, and is currently trading in a consolidation range. 

While the cryptocurrency doesn’t seem like what it was in the past, it is expected that XRP price may soon undergo another break out. Currently, it trades at around $0.46 per coin.

The future of XRP

Ripple’s CEO, Brad Garlinghouse has emphasized his optimism despite the SEC’s case, suggesting that Ripple will last forever. In another development, a tit-for-tat lawsuit has been filed against the SEC by individuals under the umbrella of XRP token holders. Among other things, they’ve accused the SEC of gross abuse of discretion, negligence and misconduct.

It remains to be seen what the final verdict of this legal battle will be. But, if the gavel should swing in favour of Ripple and their executives, it could be listed again on exchange platforms, and that should herald another rise in the growth of the token.

This post was last modified on March 17, 2021 9:08 am

Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

Recent Posts

VeChain Price Analysis: VET/USD is bullish for the next 24 hours

TL;DR Breakdown VeChain price analysis is bullish today.VET/USD is currently trading at $0.1332.Closest resistance at… Read More

October 25, 2021

Tezos Price Analysis: We anticipate XTZ/USD to fall and move to the $6 support

TL;DR Breakdown Tezos price analysis is bearish today.XTZ/USD is presently trading at $6.5.Next support at… Read More

October 25, 2021

Binance Coin Price Analysis: BNB/USD is bullish for the next 24 hours

TL;DR Breakdown Binance Coin price analysis is bullish today.BNB/USD slowly moved higher overnight.BNB/USD is currently… Read More

October 25, 2021

Reddit reveals plans to join the NFT bandwagon

TL;DR Breakdown Reddit announced a position for a backend engineer. The engineer will be responsible… Read More

October 24, 2021

Play-to-earn games stand as the future of the gaming industry

TL; DR Breakdown The online gaming industry is experiencing an evolution through blockchain-based play-to-earn games.This… Read More

October 24, 2021

Willie Mays launches first NFT collection

TL;DR Breakdown • Star Willie Mays will take the funds from the NFT auction for… Read More

October 24, 2021

This website uses cookies.