XRP Crosses $1 For The First Time In Past 3 Years: What’s The Main Reason Behind This Price Surge?
The ongoing legal battle between the SEC and Ripple has taken yet another interesting turn, as the United States Securities and Exchange Commission has agreed to redact two documents in the lawsuit against Ripple. This had occurred following the recent increase in the price of XRP. This news further catalyzed the upward rally of XRP which led the price value of the coin to break through $1.
Although the SEC has agreed to the partial redaction of a few email exchanges, it has nevertheless stated that it will not be redacting the financial information of the Ripple CEO, Brad Garlinghouse.
XRP Price Surges Above $1 For the First Time In Past Three Years
As of the time of this writing, the price of XRP currently sits at about $1.00. This price had been set after there had been a 40.6% increase within the last 24 hours, with the lowest price being just around $0.59. However, the price spike of Ripple’s XRP towards the $1 milestone is a great achievement for this major cryptocurrency.
It is, however, the first time in the past three years that the coin has been able to hit this price level. Previously, it was noted to be holding this price mark back in the year 2018 on the 5th of March. Not only this amazing price surge has occurred for XRP, but the remittance coin has also been able to improve its ranking on CoinMarketCap. At the time of press, XRP is holding the 4th spot with a market cap that stands above $42 billion. The fourth-ranked digital currency is now completely in the bullish zone.
What Factor Causes This Glorious Price Rally Of XRP?
The surge to $1 had also occurred following the successful bid by Ripple to keep the email correspondence private and away from the view of the public. This had been a much-needed win for Ripple following weeks of going back and forth with the SEC.
The lawsuit had originally been filed against Ripple regarding the use of the XRP token and its security-like functions. Ripple denied these allegations, as well as the allegations that nearly $1.3 billion had been generated through the unregistered sales of XRP.
Furthermore, if the coin crashes, then Ripple tends to sell a portion of its 55 million XRP that it does hold within its respective treasury.
Last Wednesday, however, Ripple had been given approval to temporarily have 4 of its documents sealed. The judge had also demanded the SEC and Ripple to both agree to redactions by the 2nd of April, which had been just a few days ago. To this end, lawyers representing Ripple had been able to convince the aforementioned judge to give redactions for two email exchanges. One redaction had been between various anonymous individuals and parties regarding XRP’s public perception, as well as the extent to which Ripple had control over it. The other redaction had been between an anonymous individual and Garlinghouse himself regarding Ripple works.
This news is said to be the main factor that has caused an rapid increase in the price value of the fourth-ranked cryptocurrency.
SEC does not want personal financial information to be hidden despite complaints from Ripple
Ripple has yet to reach an agreement regarding the other two documents. Naturally, the SEC would prefer if the financial information of Chris Larsen was not hidden, and it also does not want any emails detailing strategies that may have been discussed with private and external investors to be concealed either.
It goes without saying that Ripple still wants these email exchanges to be redacted. However, time will only tell if this is to be the case.
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