Ripple’s XRP Touches The $0.9 Range But Failed To Sustain It
Data from BitStamp exchange shows that Ripple‘s native token and the sixth-largest cryptocurrency, XRP, surged past the $0.9 range. However, this surge which represented a 6% gain within 24 hours, was brief.
XRP Declined Slightly Below $0.90
The coin declined slightly and now trades at around the $0.88 level as of this writing. Also, CoinMarketCap data reveal that the surge caused an increase in the coin’s market cap to over $41 billion. However, XRP remains one of the top performers out of the top ten cryptocurrencies.
XRP has gained over 26% in the past week and represents almost 3% of the entire market cap in the crypto space. XRP has gained over 300% since the beginning of this year.
XRP/USD 1-hour chart. Source: TradingView
Apart from the general bullish mood in the market, one other factor responsible for XRP’s surge is the new announcement that its parent company, Ripple, is now in collaboration with GME remittance to form SBI Ripple Asia. GME is a top Korea-based remittance firm that will facilitate Ripple’s remittances to Thailand as GME remittance is connected to Siam commercial bank (SCB). SCB’s market cap makes it the biggest bank in Thailand.
This collaboration will expand Ripple’s services in that region and also increase its userbase globally. Responding to the collaboration, GME remittance’s Director and Chief Operating Officer (COO), Subash Chandra said, “our partnership will enable us to expand our partnership network within 14 days and expand into new territories. Thus, shortening our marketing period and giving us an advantage over our competition.”
Ripple claimed in its latest XRP market report that there was a massive increase in the demand for XRP in the first quarter of this year.
SEC Demands For Ripple Employees Slack Messages
The ongoing battle between the Securities and Exchange Commission (SEC) and Ripple took a new dimension when the regulator’s legal team, led by Jorge Tenreiro, asked the court to grant a petition for the commission to access Ripple employees’ slack messages. Slack is an app used by most companies to spread company data quickly and easily.
SEC claimed that previous slack messages provided by Ripple were incomplete, and Ripple had admitted that a “data processing error” was responsible for the incompleteness. Now, SEC wants the remaining slack messages as it presumed that Ripple’s refusal to provide the remaining communications to be highly prejudicial. Without these “missing documents,” SEC claimed that it can’t create a detailed summary judgment and trial.
According to the SEC, these messages are well over a million and consist of terabytes of data. The legal battle between the financial regulators and the XRP parent company started late last year when the SEC accused Ripple of selling their XRP tokens without duly registering them.
Since that time, both of them have maintained their stance. Ripple still insists that its token sales aren’t in violation of any rules, while SEC claims it does. Ripple won the ruling when it demanded that the SEC produce its internal communications regarding Bitcoin and Ethereum, but the regulatory body preferred not to produce them.
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