The prolonged legal dispute between Ripple and the Securities and Exchange Commission (SEC) has persisted for more than two years. The SEC triggered the lawsuit in 2020, asserting that Ripple sold XRP as a security without obtaining the requisite registration.
In the wake of the SEC’s investigation, both Ripple and XRP suffered significant consequences, including a decline in their market value and a reduction in public interest. XRP has failed to put on a remarkable show even when the majority of the cryptocurrencies, including bitcoin and ethereum, were exhibiting double-digit gains.
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However, XRP has flipped its direction as it rallied over 26% in the last 24 hours.
Ripple (XRP) skyrockets by 26%
According to the latest details from CoinMarketCap, XRP has spiked by 26% in the last 24 hours, exhibiting a remarkable gain. XRP is trading at $0.4747 at press time. The market cap of XRP has also gone up by 26.8% and stands at $24,229,946,558 at press time. The 24-hour trading volume of Ripple has also spiked by 176%.
The exact reason for the pump is unclear at the moment. It could likely be in anticipation that the Ripple vs. SEC lawsuit could come to a conclusion soon. The XRP community is awaiting a positive conclusion to the ongoing lawsuit. The recent pump comes amidst this time and shines some greenery all over the XRP community.
At press time, XRP is the highest gainer in the last 24 hours, followed by Arbitrum ecosystem token MAGIC. XRP is still putting on a positive rally at the time of writing, and it is unclear where the rally will end.