The value of Ripple’s XRP token surged to $1.09 on April 6, 2021, which is the first time that cryptocurrency has broken the $1 mark in nearly three years. The coin’s new 52-week high coincided with an increase in the price of altcoins, and the value of some coins soared to record highs. However, at the time of writing, XRP has fallen back to just below the US dollar as the altcoin gains seem to be gradually diminishing.
Tokens revolt against SEC lawsuits
At the same time, the XRP rally has doubled the value of the token in the past 7 days, while at the same time, the token issuer Ripple continues to confront the U.S. Securities and Exchange Commission (SEC). In the latest article on the legal battle between the SEC and Ripple, Bitcoin.com News reported that the U.S. court has blocked the SEC’s attempt to prevent XRP holders from joining the case.
In late December 2020, the US Securities and Exchange Commission (SEC) sued Ripple, accusing the financial technology company of issuing securities (XRP tokens) in violation of the US Securities Act. After the lawsuit was announced, the value of XRP collapsed immediately. For example, data on Markets.bitcoin.com shows that XRP fell to $0.22 from its trading price of $0.55 on December 19 on December 29. In addition to the price collapse, some cryptocurrency exchanges have also dealt with this controversy by delisting tokens.
December loss reversal
However, despite the ongoing challenges, the tokens have now made up for most of the losses suffered after the SEC filed a lawsuit. For example, Markets.bitcoin.com data shows that during a certain period of time between March 31 and April 6, the value of XRP tokens rose from $0.55 to $1.09.
At the time of writing, XRP’s market capitalization is close to $41 billion, which makes it one of the four largest crypto assets, thus gaining a new status. Despite this, the token is still behind Binance’s BNB, which is now listed as the third highest crypto asset after BTC and ETH. Today, XRP is trading at just under $1, and the price per unit is $0.90.
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