XRP Surges 10 Percent on String of Bullish News While Other Top Coins Remain in the Red

News
Thu, 03/04/2021 - 17:35
article image
Alex Dovbnya
XRP jumps 10 percent as Ripple executives move to dismiss the SEC lawsuit
XRP Surges 10 Percent on String of Bullish News While Other Top Coins Remain in the Red
Cover image via stock.adobe.com
Read U.TODAY on
Google News

Ripple-affiliated cryptocurrency XRP jumped nearly 10 percent earlier today before giving up some of its gains.

It touched $0.494, its highest level since Feb. 24, on the Bitfinex exchange at 4:32 p.m. UTC.

XRP
Image by tradingview.com

XRP is rallying in the face of a broader market sell-off. At the time of writing, it is the only top cryptocurrency in the green, according to CoinMarketCap data.

Cardano (ADA) is currently the biggest laggard, shedding over 7.5 percent, followed by Chainlink (LINK) and Polkadot (DOT).

Related
Ripple to Keep Its Headquarters in San Francisco, Says Former CEO Chris Larsen

Benefiting from bullish news 

The most recent XRP rally comes after Ripple CEO Brad Garlinghouse showed his intent to dismiss the lawsuit filed by the U.S. Securities and Exchange Commission in a letter sent to Judge Analisa Torres by attorney Matthew Solomon.

The lawyers of Ripple co-founder and former CEO Chris Larsen, who’s also the defendant in the SEC lawsuit, filed their own letter shortly after that. 

The executive’s legal counsel alleges that the SEC has failed to prove that they were “aiding and abetting” the company’s XRP sales and conducting transactions in the U.S.     

On top of Garlinghouse and Larsen stepping up their fight against the regulator, Ripple has also announced its private blockchain for central banks based on the XRP Ledger.

Lastly, Larsen recently revealed that Ripple was actively hiring new workers in San Francisco and had no plans to leave the city.  

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

thecryptobuds