Analysis

XRP Bounces Back with a Whopping 6% Rebound in Just 24 Hours

Dubai, UAE – May is starting to look like a good month for Ripple as it makes “green marks” on the charts. You have heard that it was struggling before due to the lawsuit filed by the SEC. It negatively impacted how XRP moved because of “delayed justice.” However, things are taking a U-turn as Ripple hits the start of May with a whopping 6% rebound.

XRP Bounces Back with a Whopping 6% Rebound in Just 24 Hours
A photo of a clock drawn on a blackboard with the hands pointing at 3:00

Although not yet at the top, Ripple managed to outperform ten of the largest cryptocurrencies in market capitalization. April had been a struggle, and it seems like this month is a comeback for the XRP. If you’ll remember, April had a lot of declines, which stopped when the coin dipped at the $0.56 support level. After that, it started to look up again. As of writing, it is trading at $0.61 after hitting its peak at $0.63 in just 24 hours.

It seems ironic that despite the ongoing lawsuit with the Securities and Exchange Commission, Ripple is still doing good. Brad Garlinghouse answered that question. He stated that Ripple is operating as if it had already lost the battle. Therefore, there is nothing more to lose. Many exchanges in the United States have delisted Ripple as an asset by the SEC’s statement. However, Ripple found many investors outside the United States, which explains why it is still performing outstandingly.

XRP Bounces Back with a Whopping 6% Rebound in Just 24 Hours
A photo of tall buildings overlooking a body of water during an afternoon

Garlinghouse also said they are being denied justice since it is being delayed, which was initiated by the SEC when they filed multiple extensions to the case. He also added that the SEC might be hiding some documents, which contributes to the delays of this case, which is also contrary to what they say that they’re all about transparency.

XRP and the SEC are set to have a final briefing by November 15th of this year, hopefully bringing resolution to the case.

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Gaurav Roy

Gaurav is an expert when it comes to Cryptocurrency, writing for some of the biggest Cryptocurrency websites out there.

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