Many cryptocurrencies rose to new levels and heights, after Tesla announced the purchase of $ 1.5 billion Bitcoin.
Despite all expectations, the digital currency “XRP” benefited from the bullish market effect, as the currency rose above $ 0.50.
Currently, the ripple has appreciated nearly 4% in the last 24 hours, and the trading volume of Ripple has increased as well.
If the bulls are not strong enough to keep the price at around $ 0.50, the price trend may pull back near the upward pressure line in the near future.
This is for several considerations, most notably the important date that awaits Ripple before the “SEC” on February 22nd.
The backlog of lawsuits against Ripple:
Although there is a lot of speculation about the trial of Ripple and the US Securities and Exchange Commission (SEC), the lawsuit brought by the SEC against Ripple has greatly affected the price of the Ripple currency, and made the Ripple currency miss the upward wave that most The crypto market.
This also led to the decline in the value of the Ripple currency in terms of ranking, as XRP is currently ranked sixth in terms of total market value, after the advancement of Cardano and Bolcadot in the ranking.
Ripple’s current hope in the Asia region as trading in Ripple has become largely banned in the US, trading of XRP in the Asia Pacific region continues to rise.
Ripple, the company that created the cryptocurrency XRP, is facing pressure not only from the SEC but also from previous investors.
With the SEC announcing that it considers XRP as an unregistered securities in the United States, many investors have also joined in a lawsuit against Ripple.
A recent suit led by Prosecutor Bradley Sostak requested that the court require Ripple to hand over its email correspondence to the US Securities and Exchange Commission dating back to January 1, 2015.
Currently, a court hearing on the proposal is scheduled for March 25th.
This means that the Ripple Company, in front of a shelf full of lawsuit papers, will start its opening on February 22nd to the SEC.