XRP price has increased close to 80% today. This increase comes after Ripple’s responses to the court of the SEC’s lawsuit.
Crypto Money Market
There are no boring days in the crypto money market. Especially for this week, there have been very interesting developments.
After GameStop legend, Dogecoin put Bitcoin in pump action and Elon Musk’s biography, it’s time for XRP to shine.
80% Increase in XRP Price
The price of Ripple’s native cryptocurrency XRP has increased by up to 80% within a few short hours.
Less than 12 hours ago, the cryptocurrency was trading at about $ 0.28, but has since risen by nearly 80% to an intraday high of $ 0.51.
Since then, the price has experienced a correction to where it is currently trading.
Note that the increase occurred especially on the day Ripple sent its response to the US Securities and Exchange Commission.
The regulator sued Ripple for allegedly selling securities, hinting that XRP is more of a security, not a currency or a commodity.
Since then the price has fallen, but seems to be attempting a recovery today.
As part of the company’s defense, he includes the following statements:
“In 2015 and again in 2020, the US Department of Justice (DOJ) and the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) determined that XRP was legally used and traded as a cryptocurrency in the market. These determinations are consistent with the economic reality that XRP functions as a store of value, a medium of exchange, and a unit of account. “