Ripple Spikes – Court Ruling For Redaction, Recent Acquisition Support
Early on Monday, Ripple is having a good day, with prices crossing the $0.60 level and continuing to trade bullish. At the time of writing, XRP is trading at around $0.71.
Over the past seven days, Ripple prices have strengthened by over 24%, outpacing even the most popular cryptocurrency Bitcoin in weekly gains. In terms of market cap, XRP retains its position as the seventh largest digital currency, with its value sitting close to the $33 billion level for now.
What worked in XRP’s favor recently is the court ruling in its ongoing lawsuit with the SEC going in Ripple’s favor, letting the company behind the cryptocurrency keep its private email correspondence from being disclosed to the public eye. The lawsuit has kept XRP prices from making the most of the bull run the overall cryptocurrency market experienced since late last year, but the latest development offers its traders some reason to cheer.
On March 31, a New York judge allowed Ripple to temporarily seal four documents that contain sensitive information, including co-founder Chris Larsen’s personal financial information as well as the company’s strategy shared with private investors. The decision to redact these documents from public eye helped drive bullishness in XRP/USD.
In addition, XRP also received a boost at the end of the previous month after Ripple completed acquisition of a 40% stake in Tranglo – a Malaysia-based cross-border payments firm. The partnership will allow the company to service its growing customer base across Asia and widen the reach of RippleNet’s On-Demand Liquidity (ODL) service.
XRP was able to break past the resistance at $0.65 with considerable ease and also made its way past the key $0.70 level a short while back. As long as the support at $0.67 holds, there seems to be the possibility for more bullishness in XRP/USD; however, if price falls below this level, it could make its way down to $0.60.
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What great news to start a new week.