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XRP hits multi-week high

Mar 16, 2021 Forex News

While Bitcoin, Polkadot, and other major cryptocurrencies show a decline on Tuesday, XRP is on the rise. Within 24 hours, XRP price rallied by 7,2% and peaked at $0,52 during the Asian session.

Despite the fact that the XRP price could not hold above $0,50 and by the time of publication returned to the area of $0,46900, this movement awakened XRP and returned the interest of traders.

XRP has become a risky asset for investors since the SEC filed a lawsuit against Ripple Labs last December. Investors stopped investing money in it. Some exchanges such as Coinbase and Binance have removed XRP from their listing. As a result, the XRP/USD pair did not have a trend and grew/declined under the influence of market trends.

Today's growth was made possible by a new legal turnaround in the confrontation with the SEC. It’s became known that some third-party defendants, who identify themselves as XRP holders, have filed a lawsuit against the SEC, accusing the US securities regulator of “misconduct and/or gross negligence and gross abuse of discretionary power related to its assertions and allegations regarding XRP digital assets. The SEC's actions have led some exchanges to exclude XRP from their listing. As a result, XRP holders are unable to sell their XRP. Their XRP has become useless. XRP holders accuse the SEC of having the opportunity to amend the complaint and clarify the markets, but it did not. As a result, chaos began in the XRP market.

Looking at the XRP/USD chart, today's move hasn't changed the situation. If the pair moved in a downward range, then today it rushed up, but it will soon return to its range again. It seems that only the outcome of the lawsuit can determine the future trend of Ripple.