XRP, the main asset of the Ripple platform has increased by around 30% over the last weekend, from the price increased to $1.30 from $1. The rise has come about even though the parent company is still undergoing a massive legal challenge from the SEC- something that has been a major thorn since December.
The Legal Drama Of XRP
The SEC has credulously accused the company of coming over $1.3 billion over security sales which have been deemed unregistered- since the last eight years. The parent company, Ripple has denied all the charges and has rather argued that the regulator should definitely treat XRP in the same way they treat Ethereum or Bitcoin as a project that was decentralized.
The XRP coin went down the slope by $0.26 after the announcement of its legal dealings came to the forefront. The market crashed further to $0.2 after crypto exchanges such as Crypto.com and Coinbase struck it off from their registers. But with the heating of the crypto market, altcoin seems to be back on track. Currently, the price of this cryptocurrency is almost double the price it had in the days before the SEC sued the company- at about $0.6.
XRP currently has a market capitalization of about $57 billion, with the currency following Ethereum, Bitcoin, and BNB to end up as the fourth-largest cryptocurrency- according to data collected from CoinMarketCap.
The current rally of XRP is going to coincide with the meteoric rise of the entire market for crypto. Currently, Ethereum has an all-time high of around $2,197, while BNB will hit a sum of $471, with Bitcoin once again going through the value of $60,000.