The price of the XRP token has seen a sharp rise in the past few days, rising by 15% yesterday alone, allowing it to now trade at $ 0,60. XRP hit a daily high of $ 0,63 before the downward correction (here the quotation in real time). The rise in the token is in stark contrast to the market, where most cryptocurrencies have marked a downward correction after a nearly 4-day bullish rally.
The SEC pronouncement and the token price increase
The rise in the price of XRP was attributed to the recent ruling by the Securities and Exchange Commission (SEC) in the lawsuit against Ripple Labs. The SEC removed the market manipulation allegations it had made against the cryptocurrency company, accusing it of intentionally using their token via media and social media influence.
Ripple's general counsel, Stuart Alderoty, criticized the SEC for its recent ruling and said the regulator has no hard evidence, only assumptions, which have dropped from several market manipulation allegations to just one.
Could the token price rise due to the recent epilogue?
The SEC filed its amendment on February 18, but the news appears to have come out just before the first court hearing. The price of XRP rose nearly 20% before undergoing a 5% correction in the wake of the news as it came out.
The token lost most of its earnings after the SEC filed a lawsuit against Ripple Labs in late December 2020. In the wake of the lawsuit, most U.S.-based cryptocurrency exchanges had removed XRP from their platform resulting in a collapse in prices.
XRP has managed to recover from its post-lawsuit crash, however, unlike other altcoins that have managed to post new ATHs this bullish season, XRP has failed to maintain its gains over the past month. If Ripple manages to gain the upper hand in the legal battle against the SEC, the price of the token would certainly see a positive influx and rise.
Analyst thinks the price of XRP could go up to $ 1
One of the well-known XRP bulls shared his XRP price analysis with the community and said he takes a close look at the weekly price action. He predicts that if the price of XRP can close above $ 0,68 on the weekly chart, then the value could soon reach $ 1.
While this prediction may seem 'wild' to most, as the cryptocurrency market has entered a short-term bearish trend, XRP historically goes against the grain of other altcoins and Bitcoin. As shared by Sunil Sharma, XRP is among the least price-related crypto assets of Bitcoin.