XRP Price Soars to $1 In Anticipation of Today’s Ripple-SEC Hearing

XRP Price Soars to $1 In Anticipation of Today's Ripple-SEC Hearing

Despite the ongoing legal battle with the Securities and Exchange Commission and today’s hearing, Ripple’s native digital asset has exploded in value in the past few days. XRP is more than 70% up in a week, and its price tapped $1 for the first time since mid-2018. 

  • CryptoPotato reported in late 2020 that the SEC has alleged the blockchain-based payment processor of conducting a $1.3 billion unregistered securities offering. 
  • Although Ripple’s executives claimed on numerous occasions that they will prevail, the consequences for the company and the native coin were immediate.  
  • Multiple exchanges started delisting XRP, especially such located in the US. The adverse domino effect impacted the asset’s price, which slumped by about 70% in a matter of days in late 2020. 
  • As time went on and both sides filed documents with District Judge Analisa Torres, XRP actually started to recover.  
  • This led to impressive developments, which ultimately drove XRP to a new 3-year high of roughly $1 reached today (on Bitstamp). 
XRPUSD. Source: TradingView
  • To put this increase into perspective, the asset traded at $0.40 on March 15th. Moreover, it was down below $0.60 just two days ago – on April 4th. Meaning that it’s up by 150% in 20 days and 66% in 48 hours.
  • This notable surge could be somewhat attributed to the hearing scheduled to occur today – April 6th, which attorney Jeremy Hogan, not affiliated with the case, classified as the “next big thing to look.” 
  • It’s worth noting that while many exchanges delisted XRP, a few reversed the decision and actually relisted the coin. This was the case with the Switzerland-based trading venue Lykke, as announced by the Founder and CEO – Richard Olsen. 
  • Approximately at the same time, #RelistXRP became a trending topic in the US. As such, it’s entirely possible that XRP’s massive pump could be a speculation that the SEC will provide clarity on the case, which would ultimately enable the largest digital asset exchanges to indeed relist the token. 
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