XRP is rising out of the ashes. The currency has just had its best seven days since 2017. The bitcoin bull run is ushering in the altcoin season.
Ripple Labs’s payment network uses XRP token for the transfer of value. This token has been in hot waters for the past few months. Security and Exchange Commission (SEC) of the United States opened a case against Ripple in the latter part of 2021. As a result, multiple famous crypto exchanges like Coinbase and Binance delisted the XRP token. However, now traders and crypto analysts are seeing through the allegations put forth by SEC. Therefore, the currency is on a bull run.
SEC, at the end of 2020, brought a case against XRP saying that the executives of Ripple earned around $1.3 billion through an unregistered, ongoing digital-asset securities offering.
The price of the XRP token has doubled in the week ending on April 11th. The currency broke out of the $1 psychological barrier for the first time since 2018. Moreover, the weekly gains of 118% are the biggest since December 2017 when token had a surge of 215% within seven days.
XRP’s value reached $1.48 on April 11th, which is the highest in the current bullish price trend. At the time of this writing, the price of XRP is $1.35.
Almost all famous cryptocurrencies had a great start in 2021 except for XRP. The price of bitcoin broke the records of the all-time highs. It is trading at $60K today. Moreover, Ethereum (ETH), Binance Coin (BNB) and Litecoin also saw a magnificent rise. The former two broke their price records. XRP, however, was trading at a low value, plagued by legal cases.
Also Read: Bitcoin Vs. Ripple
In the recent judicial proceedings in SEC vs. XRP, Judge Sarah Netburn gave comments in the favour of Ripple.
“. . . not only does it have a currency value but it has a utility, and that utility distinguishes it from bitcoin and ether.”
Traders saw it as a win for Ripple labs. Subsequently, the price of the token skyrocketed.