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August 9, 2022
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XRP price rises 30% and reaches the $ 1.30 mark

XRP is celebrating today, as its price has skyrocketed 30%.

XRP, a native asset on the Ripple payment platform, has risen 30% in the last 24 hours, from $ 1 to $ 1.30.

The increase comes despite Ripple, the fintech company behind XRP, facing a tumultuous legal challenge with the U.S. Securities and Exchange Commission (SEC) since December.

XRP judicial drama

The SEC accused the fintech company of raising $ 1.3 billion in ongoing sales of unregistered securities since 2013. Ripple denies the allegations, arguing that the regulator should treat XRP the same way it treats Bitcoin or Ethereum – as a decentralized project .

The currency fell to $ 0.26 after the process was announced in December, and fell to $ 0.2 after several major cryptocurrency exchanges, including Coinbase and Crypto.com, removed the currency from their order books.

But, as the crypto market heated up, XRP returned to the top; The price of XRP is now more than double its price in the days before the SEC sued Ripple, then about $ 0.6.

With a market capitalization of $ 57 billion, XRP today – once again – followed Bitcoin, Ethereum and BNB to become the fourth largest cryptocurrency, according to data aggregator CoinMarketCap.

The latest rise in XRP coincides with the dynamic growth of the entire crypto market. Today, Ethereum has reached a historic high of $ 2,197, BNB has reached $ 471 and Bitcoin has once again exceeded $ 60,000.

Happy Ripple Week

And today’s XRP rally follows a series of good news for Ripple.

Yesterday, the company prevented the SEC to expose eight years of financial records from its CEO Brad Garlinghouse and former CEO Chris Larsen. Earlier this week, the company gained a motion required the SEC to deliver documents related to cryptocurrencies.

If those documents mentioned XRP as a “virtual currency” instead of a bond, Ripple’s lawyers could use that against the SEC, which is based on its determination that XRP is a bond.

Source: Decrypt

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