Ripple (XRP) Rallies 12%, Back Above $1.35
It’s an active session on the cryptocurrency markets, with the leading altcoins exhibiting strong bullish sentiment. Thus far, Ripple XRP is leading the way, up more than 12%. Tron TRX (+11.5%), Polkadot DOT (+3.8%), and Litecoin LTC (+6.21%) are also trending to the green. As of press time, cryptos are on the rebound following last week’s selloff.
For XRP, April has been a strong month. Values are up around 145% as bidders are exceedingly active in the market. As we move into May, the SEC vs Ripple court case is heating up. Here are a few key quotes from XRP and SEC leadership:
- Ripple CEO Brad Garlinghouse on the current situation: “What I don’t want is for you [shareholders/employees] to worry. We will get through this, and we will prove our case in court. However, the legal system is slow and this is just the beginning of a long, civil process.”
- SEC request on the court: “Ripple’s contention that the SEC must warn a market participant about its legal violation, or that the SEC must issue regulations or guidance before exercising authority finds no support in any principle of law.”
In short, the SEC is going full-on in trying to prove that XRP is a security, not a cryptocurrency. If successful, a unique precedent will be set regarding the classification of cryptos. For now, there is considerable uncertainty surrounding the outcome of SEC vs Ripple.
Ripple Regains Bullish Footing Above $1.35
Regardless of what is happening in court, investors are consistently bidding XRP. With May just around the corner, a hard test of $1.50 appears to be in the cards sooner rather than later.
Overview: By far, one of the biggest crypto market drivers of 2021 will be the SEC vs Ripple court case. Right now, the outcome is unclear. Nonetheless, a bullish bias remains warranted as buyers continue to assert themselves in the market.
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