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Why XRP Is Surging Today Despite Bitcoin Slump

March 5, 2021 1:41 am
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Why XRP Is Surging Today Despite Bitcoin Slump

The cryptocurrency XRP is trading about 4.7% higher over 24 hours at $0.46 at press time on Friday.

The surge comes despite an overall slump in the cryptocurrency market, with Bitcoin (BTC) trading 4.5% lower at $47,133.27, as per CoinMarketCap data.

Ethereum is also down 4.15% at $1,484.48.

Ripple Labs Inc, the company behind XRP, in a court filing Thursday accused the U.S. Securities and Exchange Commission of cherry-picking among cryptocurrencies, claiming it was unfair for its token to be classified as a security when Bitcoin and Ethereum are exempted.

“The SEC’s filing, based on an overreaching legal theory, amounts to picking virtual currency winners and losers as the SEC has exempted Bitcoin and Ether from similar regulation,” Ripple said in the filing.

See Also: Bitcoin Controlled By China, Ripple Tells SEC In Face Of Imminent Lawsuit

SEC had unveiled the lawsuit in December last year and XRP has been troubled since with a string of delistings from U.S. cryptocurrency exchange desks.

In a separate letter to Judge Analisa Torres, lawyers representing Ripple Executive Chairman Christian Larsen informed the court of a motion to dismiss the SEC lawsuit.

Ripple also announced piloting a private ledger for central bank digital currencies on Wednesday, saying such government-backed assets "are bound to emerge."

Read Next: Analyst Who Predicted $50,000 Bitcoin Sees Key Metric Indicating 'March To $100,000'

Photo, Courtesy of QuoteInspector

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