The total market value of the cryptocurrency market is close to the value of $ 2 trillion, which is a historical landmark and another confirmation of the expansion and size of the cryptocurrency market.
The digital currency, Ripple XRP, one of the largest digital currencies in terms of total market value, contributes to the total market value of the market with a value of $ 29.1 billion.
Legal problems are usually bad news for stock prices and cryptocurrencies.
The XRP digital currency has proven to be an exception.
The digital currency XRP has risen 11% in the last 24 hours.
The price of XRP is now $ 0.64 at the time of writing this article, according to data from “Nomics”, the current price of the currency is higher than it was before the SEC filed a lawsuit of $ 1.3 billion against Ripple on December 18, 2020.
Four days before the lawsuit, XRP was valued at $ 0.58 with a combined market value of $ 27 billion.
After the news of the lawsuit against Ripple spread, the digital currency XRP fell to $ 0.17.
In the wake of the lawsuit, several trading platforms such as: “Coinbase”, “American Binance”, “Blockchain.com”, “Crypto.com” and “eToro” have suspended trading in XRP.
After that, Ripple suffered several setbacks.
Its partnership with MoneyGram ended in March after the latter indicated uncertainty about the ongoing lawsuit.
But Ripple and her team resisted the accusations.
They also asked the court to compel the SEC to hand over documents related to the authority’s examination of Bitcoin and Ethereum, which appeared to have escaped SEC scrutiny.
The agency has been very silent about its approach to valuing these cryptocurrencies.
These documents could include a reference to XRP as a digital currency rather than a guarantee, which could reinforce the positive status of Ripple.
Ripple could also be argued that it shares the same characteristics of Bitcoin and Ethereum.
As a reminder, the case filed by the SEC against the Ripple Company is still filed and has not ended yet, but the performance of the digital currency XRP is rising high and is not much concerned with it.