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XRP Price Pumps 25%, Here’s Why

XRP Price Pumps 25%, Here’s Why

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Ripple Labs’ XRP token has seen a dramatic rise over the past few days, breaking a steady long-range rally of nearly 25 percent during the day. The steep rise comes in the middle a high-profile lawsuit with the SEC over whether or not XRP is a security.

XRP ballooning according to CoinMarketCap 22.43 percent in the last 24 hours and is currently moving $0.5129. Cryptocurrency has seen more than an explosive rise 57 percent in the last 7 days. The Ripple-related token has now become one of the best performing cryptocurrencies in CoinMakretCap’s top 100 in the last 24 hours. Interestingly, the digital token has received approx 40 percent in the last 30 days.

What is the cause of the explosion?

Analysts believe that the sharp increase is due The legal dispute between Ripple Labs and the US Securities and Exchange Commission (SEC).. The legal battle that started in 2020 may finally end sooner than originally expected. The litigation began after the SEC sued Ripple, previous CEO Christian Larsen and current CEO Brad Garlinghouse for filing $1.3 billion through XRP, an unregistered security.

According to recent reports, it appears that Ripple Labs is in a stronger position than previously thought, and could very well be on its way won its lawsuit against the SEC. It looks like a final decision will be made soon, as the SEC has declared that the judge hearing the case has enough information to make a decision without the need to go to court, and XRP holders are optimistic that XRP is not considered a security.

Positive feeling in the market

The lawsuit seems to have sparked positive market sentiment, which forced XRP to rise. However, XRP is still in a long-term downtrend. From above $1.97 as of April 2021, XRP is now trading with a fairly undervalued outlook $0.50 which is more than 70 percent down from the peak of last year’s bull market.

Many investors have called for caution in predicting the possibility of an even lower level start. Cryptoanalytics data provider TheKingfisher suggested that buyers “you probably have an opportunity to go long XRP lower.” For some, the XRP boom brought some relief to the crypto market, which has recently been on another downward spiral. At the time of printing, the global market value has almost risen 3.30 percent during the day 946.13 billion dollars.



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