This website uses cookies to ensure you get the best experience on our website
Join us on Telegram for FREE daily market updates!
Date:
08th Apr 2021
Author:
Dalmas Ngetich, for CryptoAltum News Team

Ripple Price Rises to a Three-Year High, Surging 67 Percent

The Ripple price, on Apr 6, soared to a new 2021 high, reaching $1.10 as XRP bulls interpreted the latest tranche of documents from the U.S. SEC as a "small" win for the blockchain payments company. At the back of this, the XRP price surged 67 percent week-to-date, only to retrace back to below $1 but enough to thrust the XRP valuation to the top-5. As of writing on Apr 8, the XRP market cap stands at over $39 billion with XRP buyers in charge.


Details: 

Regulatory clarity is a critical element in banking, a sphere Ripple wants to disrupt. Ripple is distinct, with a majority holding on XRP coins issued by Ripple Labs. They have a decentralization plan where they would gradually ensure their tokens are disbursed while diffusing control of its XRPL nodes to third parties. However, the U.S. SEC is not convinced, blasting them with a lawsuit on Dec 22, alleging that they crowdfunded, raising $1.9 billion by selling illegal securities. Ripple lawyers' request for documents that guided the SEC's examination and classification of ETH and BTC as utilities was granted on Apr 6.


Impact on the XRP Price: 

Bullish. If the SEC loses this case, XRP will be classified as a utility in the U.S. Therefore, it would attract more payment processors and financial institutions, adopting its On-Demand Liquidity (ODL) solution. It will be a net positive for XRP/USD prices.


More market news over on our Blog


Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.
  • Copyright Excel Innovations Ltd (CryptoAltum) 2020