On Monday (April 5), on crypto exchange Bitstamp, the XRP price reached an intraday high of $0.72557 at 04:50 UTC. This is the highest price XRP has seen since February 1.
According to data by TradingView, currently (as of 08:15 UTC on April 5), XRP is trading around $0.68584, which means that in the past 24-hour period, the XRP price has gone up 15.3%; and in the year-to-date (YTD) period, the XRP price has gone up over 212% vs USD.
Interestingly, since 20 December 2020, the day before Ripple Labs CEO Brad Garlinghouse said that the U.S. Securities and Exchange Commission (SEC) intended to bring a lawsuit against the FinTech firm, the XRP price has increased by over 18%.
There are probably three reasons why XRP is doing reasonably well at the moment despite the lawsuit that the U.S. SEC announced on 22 December 2020 (which caused XRP to get delisted by all crypto exchanges based in the U.S.):
- Bitcoin spending most of the past one-month period consolidating in the $55k – $60K range has given altcoins room to breathe.
- XRP being the “cheapest” coin among the top 10 cryptoassets market cap and its discounted price (compared to its all-time-high of around $3.31, which was reached in January 2018) can make it appear as a genuine bargain in a market where many other mega-cap cryptoassets are trading near or at their all-time highs.
- The growing realization that it is quite possible for Ripple Labs to either win or reach a settlement with the SEC and that even if Ripple loses the lawsuit, as long as the courts decide that XRP is not a security today, it could get re-listed by those exchanges that dropped it out of fear.
Featured Image by “vjkombajn” via Pixabay.com
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