XRP price gained significant value in the last few hours after the cryptocurrency posted a 25% jump within 30 minutes during the Asia session on Monday. The world’s 7th largest cryptocurrency now has a market cap of $28 billion.
XRP jumped from $0.52 to $0.65 today after massive demand from retail investors. XRP has now erased all the losses it occurred after the SEC’s lawsuit against Ripple in December 2020. Mary Jo White, the former chair at the SEC told Fortune during an interview that the commission was “dead wrong” against Ripple, legally and factually.
Ripple is currently facing the lawsuit filed by the SEC in December 2020 over the alleged sale of unlicensed securities in the form of XRP. Earlier this month, Ripple and the SEC said that a settlement is unlikely ahead of the expected trial.
Finance Magnates reported a massive jump in XRP price earlier this month after two major Reddit groups, r/WallStreetBets and r/SatoshiStreetBets started discussing XRP Pump and that resulted in huge retail demand for the digital asset.
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XRP in 2021
The price of XRP is up more than 180% since the start of 2021. The cryptocurrency has gained over 120% within the last three weeks. Anonymous XRP transactions have increased significantly since the start of this year. An unknown crypto whale moved 220 million XRP worth over $120 million recently from crypto exchange, Coinbase. Ripple officially submitted its response to the SEC’s lawsuit against the company in January 2021, and CEO Brad Garlinghouse mentioned that the company is ready to work with the new administration for clear cryptocurrency regulations in the country.
Ripple has now registered as a business in Wyoming. According to the latest records of the Wyoming Secretary of State, Ripple Markets WY LLC is an active company in the region.
“Welcome to Wyoming Ripple, more crypto companies are realizing Wyoming is a better domicile than Delaware due to our crypto-friendly laws,” Caitlin Long, a member of Wyoming’s Blockchain Select Committee said.
As of writing, XRP is trading above $0.60 with a total market cap of $27.5 billion.