Saturday, February 24, 2024

Ripple’s Price Skyrocketed 16% On The Day And Here’s Why

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Ripple’s price skyrocketed 16% on the day before retracing to where it is trading right now and in today’s Ripple news, we can see why.

Rippel’s XRP is one of the few large cryptocurrencies which are not flat in the past day but surged by 16% before retracing. It seems that the most recent development in the company’s case against the SEC is perceived well by the marekt participants. Back in December 2020, the US SEC filed a lawsuit against Ripple and the watchdog alleged that the company conducted a $1.3 billion unregistered security offering.

Source TradingView

Unlike other crypto companies who went of their way to accept the charges and pay a penalty ripple decided to battle on the case determined to establish that XRP is not a security. The case was going back and forth but the court was denied the Commission’s motion to strike with the fair notice affirmative defense. Said motion was then focused on whether Ripple had a fair notice from the SEC about whether or not the sales of XRP were illegal sales of the security. Commenting on the matter was Brad Garlinghouse who is the CEO of Ripple who explained that this was a huge win for the company.

Bringing more clarity was Ripple’s General Counsel Stuart Alderoty who said:

“Today’s order makes it clear there’s a serious question whether the SEC ever provided Ripple with fair notice that its distributions of XRP – since 0213 – would ever be prohibited under the securities law. Good to see the Judge rejecting the SEC’s attempt to prevent Ripple from pursuing its fair notice defense. It’s even more imperative that the sun sets on the SEC’s “regulation by enforcement” approach.”

Ripple’s price skyrocketed 16% on the day and hit $0.84 after the documents were revealed to the public. The crypto since retraced to where it is now trading, or up by 7% on the day.

source crypto
Source Quantify Crypto

As recently reported, Bitcoin’s consolidation goes on as the price failed to produce a meaningful and sustained movement in any direction. In the meantime, Ripple’s XRP is the only one that made a serious increase. Over the past 24 hours, Bitcoin’s price didn’t produce any meaningful gains and sustained the move in either direction while it is trading where it was during this time yesterday at $39,000.

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