• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
Bitcoinist.com
No Result
View All Result
Ripple's XRP Blasts Past SEC Lawsuit Fears to Hit Three-Year High
Nexo

Ripple’s XRP Blasts Past SEC Lawsuit Fears to Hit Three-Year High

Yashu Gola by Yashu Gola
1 year ago
in Ripple
0
Advertisement

XRP bulls are back!

The Ripple blockchain’s native token, which got embroiled in a legal controversy with the US Securities and Exchange Commission over its alleged securities status — and which led to the delisting of its highly traded financial instruments across many US-based crypto exchanges, reached its highest levels in three years this week.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!
Ripple posts an overdue price rally in 2021. Source: XRPUSD on TradingView.com
Ripple posts an overdue price rally in 2021. Source: XRPUSD on TradingView.com

XRP’s price against the US dollar hit $0.948 on Tuesday, up 66.15 percent into April 2021. The token’s major upside move surfaced partly due to a rally across the cryptocurrency market and else due to anticipations that it would walk through the SEC lawsuit unharmed.

Small Wins, Big Celebrations

In retrospect, the SEC filed a lawsuit against Ripple Labs, a Silicon Valley blockchain startup, in December 2020 for “allegedly” selling illegal securities in the form of its pre-mined XRP tokens. It is believed that Ripple Labs controlled XRP’s supply and distribution in its early days — and even its claims to have no control over the XRP circulation are cosmetic in nature.

As the case drags on in a US court, traders have started treating the legal proceedings as market indicators. For instance, the XRP price surged by over 15 percent right after the SEC agreed to remove market manipulation claims against Ripple Labs in February 2020. Many analysts upped their XRP price target after the event, with some anticipating a rally towards $1.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

On Tuesday, the Ripple token came closer to hitting a greenback’s worth.

Again, a small legal victory played a huge role in boosting traders’ bullish bias on XRP. Ripple Labs won its bid to redact its private emails out of the public eye last week. The first email contained a conversation between CEO Brad Garlinghouse and an anonymous entity about ‘Rippleworks,’ Ripple’s nonprofit venture capitalist wing.

What is the best crypto casino in July 2022? Read our comprehensive comparison! We made deposits, played and reviewed 80+ crypto casinos to choose the best one.

Meanwhile, the second email, which appeared crucial to the lawsuit, contained information about public perception of XRP and Ripple’s control over the token.

Did it prove XRP is not a securities token? No. But traders jumped the bullish guns, even though Mr. Garlinghouse stated in his interview with CNN last week that Ripple could do without XRP should they lose the SEC lawsuit.

SEC Lawsuit: "@Ripple and I have been more transparent than anyone else in the #crypto industry about our activity."

CEO @bgarlinghouse says the #SEC is wrong on the facts & on the law.

"I find a certain irony with bringing a lawsuit against us personally." / PART 1 pic.twitter.com/d0dN8IdqQA

— Julia Chatterley (@jchatterleyCNN) April 1, 2021

XRP and Altcoin Season

The hugely counterbalancing catalysts do little to explain the ongoing XRP price boom. Nevertheless, what might really be providing the Ripple token its much-needed bullish tailwinds is a renewed optimism for altcoin, on the whole.

Bitcoin has stabilized around $60,000 after posting an incredible bull run in the previous 12 months, driven higher by institutional demand against the fears of policy-led higher inflation and a dwindling US dollar index. As the flagship cryptocurrency risks getting overvalued, traders have started hedging their profits in neighboring altcoin markets.

Altcoins post impressive 24-hour adjusted returns against Bitcoin. Source: Messari
Altcoins post impressive 24-hour adjusted returns against Bitcoin. Source: Messari

So it appears, XRP benefited from the so-called “altcoin season.” The token surged against bitcoin by more than 25 percent in the previous 24 hours.

Cover Photo by Sayan Nath on Unsplash.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Yashu Gola

Yashu Gola

Globetrotter Yashu Gola has been working as a financial/crypto market journalist since 2013. He is an information technology graduate, a cryptography junkie, a filmmaking enthusiast, and an avid reader of Jon Erickson, Agatha Christie, JK Rowling, and Isaac Asimov.

Related Posts

ripple

Why Ripple Might Purchase Celsius Assets, Report Says

6 days ago
Ripple

Ripple Will Lose Court Battle Against SEC, Anti-Crypto US Congressman Says

4 weeks ago
Ripple XRP XRPUSDT

By The Numbers: How Much Jed McCaleb Earned For Selling His XRP Since 2014

4 weeks ago
Ripple

Why Ripple Invested In This Buy Now Pay Later NFT Platform

1 month ago
Ripple

Ripple Case: Why SEC Wants To Strike Out Defendant’s Expert Testimony

1 month ago
Ripple

Colombia Launches National Land Registry on XRPL, How Ripple Made It Happen

2 months ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.