XRP price registered a sharp rise earlier today registering a 15% gain over the past 24 hours and was trading at $0.60 mark. XRP rose to a daily high of $0.63 before registering a minor correction. The altcoin’s rise is also in contrast to the market where the majority of the cryptocurrencies registered minor correction after an almost a 4-day long bullish rally.
XRP’s price rise is being attributed to the recent amendment made by the Securities and Exchange Commission(SEC) in its lawsuit against Ripple Labs right before its first virtual court hearing set for today. SEC removed the market manipulation claims it had levied against the crypto company accusing them of purposely hyping their token via media and social media influence and doubled down on their claims of Ripple violating securities law for profit.
The General counsel for Ripple, in this case, Stuart Alderoty has criticized SEC for its recent amendment and claimed that the regulatory body has no concrete evidence just claims which have come down from several accusations of market manipulation to just one.
As many of you have seen, the SEC filed an amended complaint today. The only legal claim remains: did certain distributions of XRP constitute an investment contract? Disappointing the SEC needed to try to “fix” their complaint after waiting years to bring it in the first place…
— Stuart Alderoty (@s_alderoty) February 18, 2021
XRP Price May Boost From the Recent SEC Amendment?
The SEC filed its amended complaint on February 18, but the news seems to have gathered steemed right before the first court hearing in the lawsuit. The price of XRP did spike nearly 20% before correcting by 5% in the wake of the lawsuit amendment news. XRP token lost most of its gains after the SEC filed a lawsuit against Ripple Labs and two of its executing towards the end of December 2020. In the wake of the lawsuit, most of the US-based crypto exchanges delisted XRP from their platform resulting in a price crash.
XRP has managed to recover from its post lawsuit crash, however, unlike other altcoins which have managed to register new ATH this bull season, XRP has failed to hold onto its gains from a couple of sharp price rise in the past month. If Ripple manages to get an upper hand in the legal battle against the SEC, the price of the token would surely see some positive inflow and rise.
Analyst Shares $1 XRP Price Scenario
One among the known XRP bulls shared his XRP price analysis with community and has said to have a close look on weekly price action. Credible crypto predicts that if XRP price can close above $.68 on the weekly chart then we can see $1 for once top 3 cryptocurrency.
A weekly close above .68 sends us to $1 minimum. Downside is defended by buyers at the .45-.50 range which we just moved up off of. Price is pressing into resistance and has no where else to go…but UP. $XRP pic.twitter.com/62sSUJRkVf
— Credible Crypto (@CredibleCrypto) February 22, 2021
While this prediction may seem wild to many as crypto market has entered a short term bearish trend, XRP historically has defied other altcoins and Bitcoin. As shared by coingape editor, Sunil Sharma, XRP is among the crypto assets that are least co-related with Bitcoin price.
Can $XRP reach $1??
Devil lies in detail, historically minor crypto market corrections support XRP upside movements. XRP is among the markets that are least co-related with BTC price. #CryptoNews @HolahRyan @CredibleCrypto @skinner_lionel @XRP_community @CoinGapeMedia pic.twitter.com/GmKYM3lHHf
— Sunil Sharma (@sharmasunil8114) February 22, 2021