XRP, the original coin of the Ripple Project, has jumped 30% over the past few hours.
Where the price of the currency rose from $ 1 to $ 1.47, then the currency retreated at the time of writing this article to the level of $ 1.36, according to “coinmarketcap”.
The rally comes despite the fact that Ripple, the financial technology company behind XRP, faced a legal lawsuit from the US Securities and Exchange Commission (SEC), which started its case in December 2020.
XRP Legal Drama:
The Securities and Exchange Commission (SEC) has accused the financial technology company Ripple of raising $ 1.3 billion in sales of unregistered securities since 2013.
Ripple has denied all accusations, arguing instead that the SEC should treat XRP in the same way it treats Bitcoin or Ethereum as a decentralized project.
The XRP digital coin crashed and dropped to $ 0.26 after the lawsuit was announced in December.
Then the currency fell further to $ 0.2 after several leading trading platforms, including Coinbase and Crypto.com, removed the currency from circulation.
With the cryptocurrency market warming up, the Ripple currency rose again and returned to the leading positions on the cryptocurrency ladder in terms of total market value.
The total market value of XRP rose to $ 65.4 billion, which made it fourth behind Bitcoin, Ethereum and BNB.
The reasons behind the XRP joyful week:
XRP’s rally in the past few hours comes after a flurry of good news for Ripple.
Yesterday, Ripple blocked the Securities and Exchange Commission from disclosing eight years of financial records for CEO Brad Garlinghouse and former CEO Chris Larsen.
Earlier this week, the company won a move and a lawsuit asking the SEC to hand over documents related to its system and internal law related to cryptocurrencies and how to distinguish between them, and the difference between Bitcoin, Ethereum and Ripple.
If these documents state that XRP is a digital currency and not a guarantee, then Ripple’s attorney can file that against the SEC case that says XRP is a security rather than a cryptocurrency.