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Ripple XRP Price Soars After the Amended Lawsuit from US SEC

Jamie West by Jamie West
February 24, 2021
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XRP price experienced a sharp upswing today after gaining 15% in the last 24 hours and is now trading at the $0.60 range. The price even rose to $0.63 before a minor correction to the current level. The cryptocurrency’s rise is an uncommon occurrence in the current market’s trend where coins experience a correction after four days of trading. 

The community is attributing this rise to the recent amendments made by the United States Securities and Exchange Commission (US SEC) regarding the lawsuit they filed against Ripple Labs and two of its top executives before its first online court hearing scheduled today.

pexels photo 186464 | XRP & Ripple News

Caption: The Price of XRP rose by 15% in 24 hours

Stuart Alderoty, the general counsel for Ripple in this court case, has criticized the US SEC for the recent amendments they made on their 79-page case and alleged that the regulatory body does not have a piece of concrete evidence merely claims that these only came from several accusations of market manipulation to just one. 

The said amendments were filed by the SEC on February 18. Still, the information only gathered momentum and spread to the community hours before the first virtual court hearing on the lawsuit was scheduled to happen. Simultaneously, the price of the XRP swiftly rose by 20% and corrected by 5% afterward. 

The XRP token found itself in this position after it lost most of the progress it made in December 2020 when the US SEC filed a lawsuit against the company and two of its executives. After the US SEC announced the lawsuit, most of the top US-based crypto exchanges delisted to XRP and barred it from being traded on their platform. 

Regardless, the XRP recovered from this slump along with other all-coins in early-February, but it could not hold on to the initial bull run they all experienced. However, this can all change if Ripple Labs manages to win in the legal battle against the US SEC.

jamie xrp news | XRP & Ripple News
Jamie West
Tags: cryptocurrency newsripple news todayRipple pricexrp news predictionxrp news todayXRP price
Jamie West

Jamie West

Jamie is an XRP veteran & keeps his finger on the pulse when it comes to all things crypto.

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XRP News – Keeping You Up To Date With All Things XRP & Ripple

In the rapidly evolving world of digital finance, XRP stands out as a pioneering force, reshaping the landscape of cryptocurrency and blockchain technology. As a core product of Ripple Labs, XRP is not just a digital currency; it’s a breakthrough in how we perceive and engage with global financial transactions. This article delves into the essence of XRP, exploring its distinctive features and the reasons behind its growing popularity.

Unmatched Transaction Speed

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Low Transaction Costs

Another significant advantage of XRP is its incredibly low transaction fees. Compared to other major cryptocurrencies and traditional banking methods, XRP stands out for its cost-effectiveness. This feature makes it an attractive option for micropayments and regular international transfers, offering a more affordable solution for everyday transactions.

Scalability and Sustainability

Scalability is a critical factor in the cryptocurrency world, and XRP excels in this aspect. Designed to handle a large volume of transactions without compromising speed or cost, XRP is well-equipped to meet the demands of a growing digital economy. Additionally, its consensus protocol is less energy-intensive than the traditional proof-of-work used by many cryptocurrencies, making XRP a more environmentally sustainable choice.

Broadening Financial Access

XRP is not just a tool for efficient transactions; it’s a catalyst for financial inclusion. By simplifying and reducing the cost of cross-border payments, XRP has the potential to open up global markets to individuals and businesses who previously found these transactions prohibitively expensive or complex. This democratization of financial services is a cornerstone of XRP’s vision.

The Ripple Effect

Ripple Labs, the company behind XRP, is continually expanding its partnerships with financial institutions worldwide. These collaborations are not only a testament to the reliability and practicality of XRP but also a driver for its adoption in mainstream finance. As more banks and payment providers integrate XRP into their systems, its impact and relevance continue to grow.

A Community of Innovators

The XRP community is a vibrant and dynamic force, comprising developers, entrepreneurs, and enthusiasts. This community is at the forefront of exploring new use cases for XRP, pushing the boundaries of what’s possible in the realms of digital payments and blockchain technology.

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