XRP Bullish in the Middle of SEC Lawsuit?
Even though Ripple’s token XRP (XRP) is up just slightly today, do not be fooled by its minor gains.
Looking at how far it dipped before the coin recovered, it is looking like we are seeing the start of a bullish trend. XRP’s trade volume has skyrocketed 165% and the price is up 1.46% from the previous day. The XRP rate is climbing at the time of this writing and is expected to go much higher in short order.
The increase of 1.46% may be decent for the crypto market this week, compared to many of XRP’s contemporaries, but the gain is actually much greater than that. Earlier in the day, XRP dipped, falling 0.4891 (XRP/USD) and then climbed to its current price point of $0.5101, which is a gain of 4.29%. A quick glimpse at the numbers does not show that incredible gain, which is why today’s price spike is so notable.
News from the SEC Lawsuit
It has been difficult for XRP to gain much ground with the SEC lawsuit looming large in the public consciousness. Ripple is accused of selling unregistered securities and was first investigated by the SEC and is now faced with paying enormous fines to settle the lawsuit. The amount of those fines is now contested, with Ripple trying to bring the penalties down to what its executives and lawyers feel is a more sensible number.
For Monday the 13th, the biggest news from the trial is that today is the day when both the SEC and Ripple will need to file motions to move the trial forward. The judge will then deliberate over those emotions and provide a ruling next week, which is the next time we expect to hear any news out of this court case.
The case has dragged on for almost a year now, and industry experts say it may be resolved by the end of this year.
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