Digital currency XRP rises above $0.5 level as lawsuits against Ripple continue
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Answer Digital currency XRP rises above $0.5 level as lawsuits against Ripple continue
Several cryptocurrencies rose to new levels and peaks, after Tesla announced the purchase of Bitcoin worth $ 1.5 billion.
Despite all expectations, the digital currency “XRP” benefited from the bullish market effect, as the coin rose above the $0.50 level.
Currently, Ripple is up about 4% in the last 24 hours, and Ripple’s trading volume has also increased.
If the bulls are not strong enough to keep the price around $0.50, the price trend may reverse near the ascending pressure line in the near future.
This is due to several considerations, most notably the important date that Ripple awaits before the SEC on February 22nd.
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Backlog of lawsuits against Ripple:
Although there was a lot of speculation about the trial of Ripple and the US Securities and Exchange Commission “SEC”, the lawsuit brought by the “SEC” against Ripple significantly affected the price of the Ripple currency, and made the Ripple currency miss the upward wave that most of the Crypto market.
This also resulted in a decline in the value of the Ripple currency in terms of ranking, as XRP currently occupies the sixth place in terms of total market capitalization after Cardano and Polkadot advance in the ranking.
Ripple’s Current Hope in Asia After Ripple trading has become largely banned in the US, XRP trading in the Asia Pacific region is still on the rise.
Ripple, the company that created the cryptocurrency XRP, is facing pressure not only from the SEC but also from previous investors.
With the Securities and Exchange Commission declaring that it considers XRP an unregistered security in the United States, many investors have also joined in the lawsuit against Ripple.
A recent lawsuit led by plaintiff Bradley Sostack requested that the court require Ripple to turn over its email correspondence to the US Securities and Exchange Commission dating back to January 1, 2015.
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Currently, a court hearing on the proposal is scheduled for March 25.
This means that Ripple is in front of a shelf full of litigation papers that it will open on February 22nd before the SEC.
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Ripple Lawyers Provide Some Details of SEC’s Case Against Ripple
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