XRP Rebounds with a 4% Increase Amid Crypto Market Bounce

12:50 pm
August 20, 2023

The price of XRP has seen a 4.5% increase, surpassing $0.52, as it rebounds from recent lows of $0.47. This surge comes as the broader cryptocurrency market shows signs of recovery following the decline in prices on Thursday and Friday. Bitcoin has surpassed $26,000 while Ethereum hovers around $1,670. Dogecoin has also gained 1.2% in the past 24 hours.

The positive response to XRP’s price increase can be attributed to the latest development in the SEC versus Ripple Labs case. After the plunge to $0.47 on August 18, XRP holders were concerned about further declines. However, Judge Analisa Torres recently granted the SEC’s request to file an expedited appeal on the ruling regarding direct XRP sales by Ripple. This acknowledgment by the SEC that XRP itself is not a security has restored confidence among XRP holders.

In a tweet, Pro-XRP lawyer John E. Deaton expressed his belief that XRP holders played a major role in the SEC’s concession on this issue. He also highlighted that the judge recognized that the token itself is not a security.

The SEC’s filing stated, “The SEC did not argue here or in Terraform that the asset underlying those investment contracts were necessarily a security (and the SEC does not seek appellate review of any holding relating to the fact that the underlying assets here are nothing but computer code with no inherent value).”

XRP price had previously soared to nearly $0.94 in July, following Judge Torres’ ruling.

XRP Price Increase After SEC’s Request for Appeal

XRP holders have responded positively to the SEC’s request for an appeal in the ongoing lawsuit against Ripple Labs. The recent drop in XRP’s price to $0.47 raised concerns among holders, but the market reacted favorably to the SEC’s motion for appeal, indicating that XRP is not a security.

Frequently Asked Questions (FAQ)

What caused the increase in XRP’s price?

The increase in XRP’s price can be attributed to the positive response of XRP holders to the SEC’s motion for appeal in the lawsuit against Ripple Labs. The motion acknowledges that XRP itself is not a security.

What is the current state of the broader cryptocurrency market?

The broader cryptocurrency market is showing signs of recovery. Bitcoin has climbed above $26,000, Ethereum is hovering around $1,670, and Dogecoin has gained 1.2% in the past 24 hours. These indicators suggest a bounce in the market following the recent price decline.

What was the previous ruling regarding XRP’s security status?

In July, Judge Analisa Torres ruled that XRP is not a security, causing the price of XRP to surge to nearly $0.94. However, the recent drop in price raised concerns among XRP holders until the SEC’s motion for appeal reiterated that XRP is not a security.

Who is John E. Deaton?

John E. Deaton is a lawyer who has been advocating for XRP holders in the SEC versus Ripple Labs case. He has played a significant role in highlighting the importance of XRP holders in influencing the SEC’s concession.

Summary

The price of XRP has increased by 4.5% to trade above $0.52 as it rebounds from recent lows. This surge comes alongside a broader recovery in the cryptocurrency market, with Bitcoin surpassing $26,000 and Ethereum hovering around $1,670. XRP holders have responded positively to the SEC’s motion for appeal in the ongoing lawsuit against Ripple Labs, restoring confidence in the XRP token. The SEC’s acknowledgment that XRP is not a security has also contributed to the price increase.


Share:

More in this category ...

3:42 pm October 4, 2023

Raydium’s Price Surges as Momentum Builds and Memeinator Presale Exceeds Expectations

1:22 pm October 4, 2023

Polygon Price Surges as Shiba Memu Presale Exceeds $3.55 Million

12:12 pm October 4, 2023

Ripple’s Legal Wins in Singapore and US Boost XRP Price

11:57 am October 4, 2023

Understanding the Advantages of Public Key Infrastructure in Authentication and Encryption

7:57 am October 4, 2023

Understanding the Role of Data Integrity in Business Decision Making

7:34 am October 4, 2023

Ripple Receives Full Approval for Singapore Payments License

Featured image for “Ripple Receives Full Approval for Singapore Payments License”
3:55 am October 4, 2023

Cryptography Algorithms: A Deep Dive into Symmetric and Asymmetric Systems

3:43 am October 4, 2023

Enhancing Cybersecurity with AI and Automation: Safeguarding Retailers and Consumer Goods Businesses from Data Breaches

11:52 pm October 3, 2023

Trustless Transactions: Empowering Individuals in the Digital Age

9:35 pm October 3, 2023

425 Billion Shiba Inu (SHIB) Tokens Worth $3.2 Million Moved to Coinbase

Featured image for “425 Billion Shiba Inu (SHIB) Tokens Worth $3.2 Million Moved to Coinbase”
7:51 pm October 3, 2023

Unveiling the Secrets of Transparency: A Guide for Businesses

7:26 pm October 3, 2023

Automate Operations for Faster Incident Resolution and Cost Efficiency

6:29 pm October 3, 2023

Binance Announces End of BUSD Lending Services by October 25

3:49 pm October 3, 2023

From Traditional Banking to Digital Assets: How Blockchain is Revolutionizing Finance

11:48 am October 3, 2023

Securing Peer-to-Peer Networks: The Power of Encryption and Trust

11:36 am October 3, 2023

Celebrities Sound the Alarm on AI Deep Fake Scams

Featured image for “Celebrities Sound the Alarm on AI Deep Fake Scams”
11:10 am October 3, 2023

Audi’s Integrated Approach with IBM Planning Analytics for Building Cars in a Changing World

7:47 am October 3, 2023

Immutable Ledgers vs. Traditional Databases: Unleashing the Potential

3:47 am October 3, 2023

Consensus Mechanisms: The Backbone of Distributed Ledger Technology

2:52 am October 3, 2023

Ovum Health Partners with IBM Watson Assistant to Provide Fertility Patients with Chat and Scheduling Tools

1:36 am October 3, 2023

Sphere Entertainment (SPHR) Stock Soars as Sphere Venue Opens with U2 Concert

Featured image for “Sphere Entertainment (SPHR) Stock Soars as Sphere Venue Opens with U2 Concert”
11:44 pm October 2, 2023

Decentralization vs. Centralization: Balancing Power and Efficiency

10:22 pm October 2, 2023

Bitfarms Reports 7.3% Increase in Monthly Bitcoin Mining Output

7:43 pm October 2, 2023

Understanding the Benefits and Limitations of Smart Contracts

6:32 pm October 2, 2023

The U.S. Chamber of Commerce Foundation and IBM Collaborate to Explore AI’s Role in Skills-Based Hiring

5:32 pm October 2, 2023

Grayscale Files Request to Convert Ethereum Trust into Ethereum ETF

3:40 pm October 2, 2023

A Beginner’s Guide to Cryptocurrency Wallets: Keeping Your Digital Assets Safe

3:30 pm October 2, 2023

Sam Bankman-Fried Faces Trial: What You Need to Know

Featured image for “Sam Bankman-Fried Faces Trial: What You Need to Know”
1:59 pm October 2, 2023

FTX Auditor Prager Metis Faces SEC Legal Action for Violating Independence Rules

12:50 pm October 2, 2023

Top 7 DeFi Crypto Tokens with Potential for 10x Returns