XRP Price Surges 57% After Ripple Filing to Rebut SEC’s Allegations

Today the price of XRP surges more than 57% to cross the $0.45 mark. The 24h low and high of Ripple’s XRP are $0.3124 and $0.4997 respectively. The XRP price was just trading around $0.2 before this surge.

XRP’s price hits $0.7680 before the sudden drop due to a lawsuit filed by SEC against Ripple Lab Inc. referring XRP as a security.

Soon after the lawsuit the XRP price plunges and reached to a level of around $0.2 USD. On December 21, 2020, the US Securities and Exchange Commission filed a case against Ripple.

Many crypto exchanges also announced to delist the XRP token soon after the SEC filing against Ripple Lab Inc.

Ripple made a filing on Friday to rebut the allegations made. Ripple says, “In 2015 and again in 2020, the US Department of Justice (DOJ) and US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) determined that XRP is lawfully used and traded in the marketplace as a virtual currency. Those determinations are consistent with the economic reality that XRP functions as a store of value, a medium of exchange, and a unit of account – not a share in Ripple’s profit.”

According to the official statement by Ripple, “Although XRP is the most efficient digital asset for global payments benefiting consumers around the world (and is the most environmentally sustainable crypto), there is no principled distinction between XRP’s current function and that of BTC or ETH.”

Soon after the Ripple filing to rebut allegations the price of XRP surges more than 40%. At press time the price of XRP is $0.4835. The market cap and 24h traded volume of XRP are $21,429,530,039 and $32,321,135,448 respectively.

If we look at the data the market cap of XRP increases almost 55.58% in the last 24h. Not only this the 24h traded volume is also up by 371.81% from last 24h.