Investors Believe XRP (Up 21%) Will Prevail Against SEC

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Last Updated on 5 April 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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With all the hype that’s been published about Bitcoin and Ethereum breaking records in 2021, you would almost forget that the coin which traded as the third largest crypto in the past few years is also having a remarkable 2021 so far.

From a Year-to-date perspective, XRP is up almost 190% so far in 2021, trading at $0,73 today, or up 21%.

In fact, it is now higher than before the SEC launched its $1.3 billion lawsuit back in December of 2020. At the time, XRP was abandoned by investors which lost their faith in the coin when most crypto exchanges claimed they would delist it.

An intraday low of $0.17 proved to be the absolute bottom.

On January 9th, as Ripple started its upward path, a massive buy of 30,000,000 XRP was shown by Whale Alert. While many were wondering who could be behind the move, legendary internet savant Kim Dotcom provided the answer with a tweet, a story we highlighted at the time.

Ever since then XRP has been growing again and has in fact never left the top 10 of CoinMarketCap. Now, as the SEC trail is still ongoing and news is coming out in blurbs and quotes, investors are starting to realize that Ripple labs could just come of with a warning, or a fine like Tether found in it’s New York lawsuit against the Attorney General there.

Advertentie.

Continue to sign customers

CEO Brad Garlinghouse looked as confident as ever earlier last week when he appeared on CNN to discuss the case with interviewer Julie Chatterley, saying:

I think the SEC is wrong on the facts, they’re wrong on the law. I think we will prevail. The good news for Ripple is we continue to sign customers. We’ve signed over 20 new financial institutions around the world as customers since the SEC filed their lawsuit, and I think we’ll continue to see the network grow very rapidly in non-US customers.

Asking whether he believed the SEC case could have consequences for the cryptosphere as it could determine whether coins are securities or assets, Garlinghouse stated:

I find a certain irony in that the SEC would bring a lawsuit against us, particularly personally,… when the SEC themselves haven’t really said well they know for sure that XRP is a security. In their own court filings, they’ve said that the court will determine that, which of course brings a contradiction that if the court’s going to determine that, how could I personally have known that the SEC would view XRP as a security.

Ripple is up 30% over the past week and continues to trade higher than before the SEC suit dropped. Analysts agree that a bull run is due if Ripple could claim victory (or even a settlement) in its SEC case.