Max E.Fri, Apr 15, 2022 8:00 PM
XRP: 15 April Price Digest
The XRP token managed to break out of the current market trend. As a rule, altcoins depend on the price movement of BTC. Bitcoin is down 1.79% in the last 24 hours and is trading at $40,274.70.
However, the XRP token is up 7.44% in the last 24 hours. At the time of writing, the price of the asset is $0.781. Meanwhile, XPR's 24-hour trading volume of $2.53 billion is also up 51%. The coin was included in the list of leaders of the day.
It seems that the announcement of Ripple CEO Brad Garlinghouse became the key catalyst in the XRP price surge. On April 14, he expressed an opinion that the case initiated by the SEC against Ripple will have a positive impact on the work and prospects of the company regardless of the outcome.
According to the head of the company, even in the event of a loss, this will create a precedent, therefore the Securities and Exchange Commission will be forced to recognize the majority of exchange tokens as securities. Accordingly, platforms will be obliged to register and verify token holders.
On the other hand, the company’s victory could force the regulator to soften its position on the crypto industry, Garlinghouse noted.
He emphasized that the trial is important not only for Ripple, but for the entire American crypto industry.
Garlinghouse's statement came after the court pointed out that the SEC had a controversial position in the case against Ripple.
The agency failed to obtain a review of the DPP decision, a principle of law that allows the SEC to refuse to disclose documents or testify, citing the confidentiality of data and sources. The company's lawyer called the court decision a big victory for Ripple. The SEC has two weeks to appeal, he said.
In December 2020, the SEC charged Ripple and its executives with an unregistered $1.3 billion sale of securities disguised as XRP tokens. The lawsuit was later amended to focus on the actions of Garlinghouse and co-founder Chris Larsen. According to Garlinghouse, the lawsuit could end in 2022.
The increase in the price of the token was also influenced by the fact that the “whales” are actively showing interest in XRP: they have added about $45.8 million worth of XRP. Recently, XRP managed to overtake SOL and became the 6th largest cryptocurrency.