XRP price rallies 86%, which is showing that the crypto is somehow managing to get back on track after the lawsuit filed by the U.S. SEC. According to the reports, this major shift has been seen as several members of an investing group are now focusing on XRP. With this surge, XRP can become a new coin of focus in the WallStreetBets and SatoshiStreetbets. According to the charts, XRP surges from $0.28 and reached a peak of $0.51. However, it has seen a correction and sets back at $0.41.
XRP Price Rallies 86% After WSB Chairman Tweet
According to several analysts, XRP price rallies 86% after the recent tweet from Twitter user WSB Chairman. His tweet has got some great attention and people started shifting their attention to the smaller and cheaper cryptocurrency. Along with XRP, Dogecoin was also able to gain huge attention from the investors. Dogecoin price rallied by more than 800%, and analysts and the data from TheTie have indicated that the increase in XRP price is due to the jump in tweet volume.
As most of the altcoin’s prices have increased very impressively, Stellar (XLM) has also shown an increase of 64%. XLM price has surged to a high of $0.38, after correcting to $0.318.
Ripple Facing a Hard Time Due to SEC’s Lawsuit
In the past few months, it has been seen that Ripple is facing a really hard time due to the lawsuit filed by the U.S. SEC. Due to this lawsuit, a lot of crypto exchanges have either delisted XRP or suspended trading for it. According to the SEC, XRP is a security, and Ripple is accused of offering illegal securities. However, the firm has claimed that XRP is not security rather, it is an alternative to Bitcoin and Ethereum. Recently, Ripple has also filed a Freedom of Information Act request with the U.S. SEC and is demanding to know why ETH is not considered a security.