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 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.
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
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