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Ripple’s XRP Surges By 30% Amid Legal Battle With SEC: What Pumps Price Upwards?

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Finally, there is some good news for the fans of XRP as the native digital currency of the San Francisco-based remittance payments firm Ripple has shown impressive recovery over the course of the last 24 hours. XRP has posted a potential rally of more than 30 percent during the last 24 hours and has come back above the psychological level of $0.30.

XRP price surged to $0.31

The month of December brought the downfall of Ripple and XRP as the United States Securities and Exchange Commission (SEC) sued Ripple and filed a $1.3 billion lawsuit against it, saying that it has made profits by selling unlicensed securities. Shortly after this news, a lot of crypto exchange dumped the remittance coin. As a result of that, the price value of the coin dived into the bearish zone. Prior to the lawsuit, the price of XRP was trading above the level of $0.60; however, it fell down to the $0.20 level after its company was sued.

Now, the coin has once again started moving in an upward direction. Over the past day, the price of XRP surged by over 30 percent and reached the mark of $0.31. On the cryptocurrency exchange Bitfinex, it even went high to the $0.37 level, as per the data from Trading View. At the press time, the price value of XRP is trading at around $0.30, with a price increase of over 33 percent in the last 24 hours. On a weekly basis, the coin is up by more than 56 percent.

Source: Trading View

Moreover, Ripple’s native cryptocurrency has also snatched its fourth spot from Litecoin after adding more than $1 billion in market capitalization. The market cap of XRP is now standing at around $11 billion.

What Boosted The XRP Price?

Apparently, there is no such factor that has driven this price growth as things are still disfavoring the coin due to the ongoing battle.

But as the rest of the cryptocurrency market is trading bullish, it might have pumped the price of XRP as well. Some of the altcoins, including Ethereum (ETH), Stellar (XLM), and Litecoin (LTC), are trading in the bullish zone and are one of the top-performing assets so far in the market.

Rayne Harris is an analyst and editor recently joined RippleCoinNews with over 5 years of crypto market experience. He has worked in several famous media outlets, specializing in technical analysis of running crypto trends and curates opinion stories based on analysis.

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