Payments-focused cryptocurrency XRP jumped to a two-month high on Monday. Erasing the late-December price slide triggered by legal troubles at the San Francisco-based payment protocol developer Ripple Labs.
XRP rose to a high of $0.6836 during European trading hours — its highest level since Nov. 25 — extending the weekend’s rally from $0.27 to $0.50. With the recent price move, the cryptocurrency has replaced the Tether (USDT) stablecoin as the third-largest cryptocurrency by market value.
The regulator charged the company with violating securities laws by raising $1.3 billion over seven years from retail investors through its sales of XRP.
Ripple Labs pushed back against the SEC’s allegations on Friday. Arguing the functionality and liquidity of XRP are wholly incompatible with securities regulation, adding that its registration as a security would impair its main utility in faster, cheaper and more transparent global payments.
Ripple Response to SEC Does Wonders For XRP Price
The response did wonders for the XRP price, as it rose 56% on Saturday to register its biggest single-day gain in three years. A coordinated effort by the members of the two-day-old Telegram group called “Buy & Hold XRP,” alongside calls to buy XRP by the r/SatoshiStreetBets group, has helped the cryptocurrency stay on the offensive ever since.
The cryptocurrency is trading near $0.66 at press time, representing a nearly 30% gain on the day. “XRP’s next target is $0.80, which, if breached, would allow a rally to $1 and higher,” said Alex Melikhov, the CEO and founder of cryptocurrency framework Equilibrium and the EOSDT stablecoin.
However, some analysts believe XRP’s rally goes beyond the push from online communities. “24H volume on XRP on Sunday was over $26 billion, popular Twitter-based analyst Credible Crypto tweeted Saturday.
“Even if each of the groups’ members dropped $5,000 on XRP, that equates to 2% of total daily volume. Let’s be rational here – no Telegram group is pumping the 5th largest coin in the space.”
In the long-term, Credible believes that XRP is poised to print a new all-time high even amid the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple.
“I expect XRP to make a new all-time high regardless of the status of the case,” he said. “Of course, a settlement would be great and probably accelerate price appreciation but I don’t think XRP will ‘wait’ for the case to be resolved. Demand remains strong outside the U.S. in my opinion.”
Matt Borelli is a staff writer at CoinChapter, covering the daily developments in the cryptocurrency world. He is a Bitcoin enthusiast and proud Dogecoin holder. When not reporting on the latest cryptocurrency news, Matt can be found at the nearest baseball stadium.
SOL prices jumped more than 41% over the last seven days. The token likely reacted to news of Solana's...
Our Partners
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.