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XRP Surpassed the $1 Mark After Token Doubled Value in Just Seven Days

The 6th. April 2021, the value of the XRP Ripple token reached $1.09, the first time in nearly three years that the cryptocurrency broke the dollar barrier. The new 52-week spike in tokens coincided with a rally in altcoin prices that saw the value of some tokens rise to new all-time highs. At the time of writing, however, XRP had fallen just under a dollar, while the altcoin rally seemed to be defending itself.

Token to contest SEC filing

Meanwhile, on the XRP rally, whose token value has doubled in the past seven days, comes the issuer of the token, Ripple continues its battle with the US Securities and Exchange Commission (SEC). In its latest article on the SEC’s lawsuit against Ripple, Bitcoin.com News reports that a U.S. court has foiled the SEC’s attempt to prevent XRP holders from joining the case.

In late December 2020, the SEC sued Ripple, accusing the financial technology company of issuing securities (XRP tokens) in violation of US securities laws. Immediately after the announcement of the trial, the value of the XRP dropped. For example, data from Markets.bitcoin.com shows the December 29 XRP at $0.22, from a transaction price of $0.55 on the 19th. December. In addition to the price drop, some cryptocurrency exchanges have also responded to the controversy by removing the token from the market.

reversed December losses

Despite ongoing problems, the brand has since recovered most of its losses due to the SEC lawsuit. For example, data from Markets.bitcoin.com shows that between 31. March and the 6th. In April, the value of the XRP token increased from $0.55 to $1.09.

At the time of writing, XRP has a market cap of nearly $41 billion, putting it in a new position in the top four crypto assets. However, the chip lags behind BNB Binance, which is currently the third largest crypto asset after BTC and ETH. Today, XRP is trading for just under a dollar, at $0.90 each.

What do you think about the rise of the XRP? Tell us what you think in the comments below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of a product, service or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.

frequently asked questions

Why would the value of XRP increase?

As with any stock, commodity or other instrument, a growing number of buyers in the market can drive up the price. If individuals who own XRPs see that demand is increasing relative to supply, they may decide to raise the price to the level they can get in the market.

Will the XRP ever reach $1000?

No, Ripple XRP will never reach $1000. After all, its total revenue is less than $100 billion, which means it would need a market capitalization of $100 trillion to reach the $1,000 price point.

Can XRP reach $5?

The value of Ripple is expected to rise and could reach a price of $5, experts say. The cryptocurrency market is growing day by day. … Some experts and market analysts estimate that Ripple could reach $5 in two to five years.

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