28/04/2021

News ‘ XRP ‘ Trade
The cryptocurrency ran into trouble last year after an investigation by the Securities and Exchange Commission. But since then it has gained investor confidence and been rewarded.
Shaurya Malwa – 27. 20 April 2021 at 14:00 GMT – 2 min read
XRP, the world’s fourth-largest cryptocurrency by market capitalization, jumped 22% today amid positive sentiment related to the ongoing SEC case, according to data from multiple sources.
It is trading at $1.42 at the time of publication and has a market cap of more than $64 billion, with an outstanding offering of $46 billion, according to data from analysis tool CoinGecko.
As the chart below shows, XRP is trading near its 34-period moving average – a popular tool used by investors to determine an asset’s price trends based on historical price movements – and remains in a strong uptrend.
(XRPUSD chart via TradingView)
Table of Contents
SEC vs. XRP takes a positive turn
Ripple ran into trouble last year after the SEC accused the company’s founders of stock fraud and making $750 million in profits from the sale of unauthorized XRP tokens in recent years.
For the uninitiated, securities are exchangeable and tradable financial instruments used to raise capital in public and private markets. They are issued in a highly regulated sector, with severe penalties for those who break the law.
Last year, the US Securities and Exchange Commission argued that XRP tokens used for transactions on the Ripple network provide security and therefore fall under US law. The regulator has taken legal action against the company.
At the time, the company was largely silent on the issue, except for a few comments from CEO Brad Garlinghouse, who called the allegations false and said the U.S. was the only country to call XRP an unlicensed security service.
But things have changed for the better since then. Last month, the company received permission from the SEC to see internal discussions about the security status of cryptocurrencies like Bitcoin and Ethereum. This was seen as a positive sign by the entire XRP community, and the token went from less than $0.30 to over $0.60 a few days later.
Institutions have also shown interest. As reported last week, institutional holdings of XRP have nearly doubled, with investors citing price momentum and the growing adoption of cryptocurrencies as the main reasons.
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