Ripple's price skyrocketed by over 16% in a day before retracing to where it's currently trading. Here's why.
Author:Ripple’s price skyrocketed by over 16% in a day before retracing to where it’s currently trading. Here’s why.
Ripple’s XRP is one of the few large cryptocurrencies that are not trading flat in the past 24 hours but has, in fact, surged by an impressive 16% before retracing. It appears that the most recent development in the company’s case against the Securities and Exchange Commission is perceived well by market participants.Back in December 2020, the United States Securities and Exchange Commissiona lawsuit against Ripple. The watchdog alleged that the company had conducted a $1.
Unlike many other crypto-related companies who went on a path to accept the charges and pay a penalty, Ripple decided to battle the case, determined to establish that XRP is not a security. The case has been going back and forth, but just recently, the court hasSaid motion was focused on whether Ripple had reasonable, fair notice from the SEC about whether or not the sales of XRP were illegal sales of security.
Now, the price of XRP surged from about $0.72 to $0.84 shortly after the documents were revealed to the public.The cryptocurrency has since retraced to where it’s currently trading, but it’s still up 7% on the day.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Testimony begins in 2009 fatal stabbing of 16-year-old Santa Cruz boyThe preliminary court hearing for two remaining defendants in a more than 12-year-old fatal Santa Cruz stabbing case began Wednesday with testimony from a first-hand witness.
Read more »
Suspect in custody in Burr Ridge hit-and-run death of 16-year-oldOfficials identified the driver as 18-year-old Marvin Mejia of Woodridge.
Read more »
We Tested 16 Immersion Blenders—Here Are Our FavoritesWe tested 16 immersion blenders to find the ones that were the best at puréeing, blending, and crushing, yet still easy to use.
Read more »
The 16 Best Horror Movies of 2022 (So Far)From the return of Leatherface to the latest Jordan Peele film.
Read more »
Final Aston Martin V12 Vantage debuts March 16—hear it nowA new performance flagship with V-12 power is expected to top an updated Aston Martin Vantage range.
Read more »