+ 2.58
+ 0.78%
+ 2.29
+ 0.66%
+ 2.93
+ 0.7%
+ 1.55
+ 0.91%

Why XRP Is Surging 39%

April 10, 2021 2:27 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
Why XRP Is Surging 39%

The price of major crypto asset XRP (CRYPTO: XRP) has seen a spike of about 39% after a ruling in a United States court.

What Happened: Ripple saw another major win by its legal team as a federal judge exempted Ripple's executives from having to provide their personal financial records to the Securities and Exchange Commission (SEC).

Ripple Labs Inc is the developer of XRP.

The ruling was made by United States District Court Judge Sarah Netburn, of the Southern District of New York.

In the ruling on Friday, Netburn wrote that the SEC’s requests for the records were not "relevant or proportional to the needs of the case."

On the news, XRP price climbed by nearly 38% from $1.01 up to a high of $1.39 before correcting and settling at $1.30 as of press time. All of this price action took place within the last 24 hours.

Why It Matters: The news follows this week's reports that the same judge also granted Ripple access to SEC minutes and memos “expressing the agency’s interpretation or views.” These records are said to detail why the regulator has not deemed Bitcoin (CRYPTO: BTC) or Ether (CRYPTO: ETH) securities.

Ripple — the firm which developed the XRP ledger used for interbank communication and settlements by major financial institutions worldwide — hopes that the documents will help make its case that XRP ought to be treated in the same way.

Related Articles

Ethereum Hits All-Time High Above $4,000: What You Should Know

The second-largest cryptocurrency by market capitalization, Ethereum (ETH), crossed the psychologically important $4,000 barrier minutes before press time in the last hours of Sunday. read more

Why Is Dogecoin Refusing To Budge As Elon Musk Gives One Push After Another?

Dogecoin (DOGE) has the high-profile support of Tesla Inc (NASDAQ: TSLA) CEO Elon Musk, who mentioned the meme cryptocurrency several times during his “Saturday Night Live” appearance, but the result in terms of price has not been as spectacular as some expected. read more

Bitcoin To $250,000? Here's What Inspires This Analyst's Lofty Price Target

Apex cryptocurrency Bitcoin (BTC) could reach $250,000 within five years, according to analyst Mark Yusko. read more

Why Is Shiba Inu Suddenly Skyrocketing?

SHIBA INU (SHIB), a meme coin, has soared over 760% so far on a seven-day trailing basis — emerging as the cryptocurrency with the highest gains in the period, according to CoinMarketCap data. read more