The seventh-largest cryptocurrency of the world, XRP now stands at a market capitalization of $28 billion, followed by a significant gain in its value in the last few hours. A surge of 25% within 30 minutes was posted during the Asia session on Monday. The trading price of XRP surged from $0.52 to $0.65 today after a huge demand from the retail investors.
XRP Jumped 25% in 30 Minutes
All the losses that occurred due to the SEC’s lawsuit against Ripple in December 2020, have now been erased. The former chairperson at the SEC, Mary Jo White, revealed in an interview that the commission was “dead wrong” against XRP, both lawfully and authentically. SEC filed a lawsuit against Ripple for allegedly selling securities that were not licensed in XRP in December 2020.
Both SEC and Ripple revealed in a statement that a settlement is not likely to happen ahead of the expected trial. A huge jump was reported in the price of XRP earlier this month after r/WallStreetBets and r/SatoshiStreetBets, two major Reddit groups discussed the pump in the price of XRP. This eventually resulted in massive demand for digital assets from retail investors.
Ripple’s Growth This Year
Since the beginning of this year, Ripple has witnessed a growth of over 180%; in fact, the cryptocurrency has surged over 120% within the past three weeks. In addition to that, anonymous XRP transactions have seen significant growth since the beginning of this year. Recently, about 220 million XRP worth more than $120 million has been moved from Coinbase.
Brad Garlinghouse, the CEO of Ripple, recently mentioned in his statement that they are ready to move ahead with the brand new administration for clear crypto regulations in the country. The latest records of the Wyoming Secretary of State says that Ripple has now registered a business in Wyoming, as according to a member of Wyoming’s Blockchain Committee, Caitlin Long, Wyoming is a better domicile than Delaware.