XRP pumps by more than 30% hit the $1 mark for the first time in 3 years

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XRP pumps by more than 30% hit the $1 mark for the first time in 3 years

At 11:00 am GMT+1 on Tuesday (April 6), the price of XRP rose more than 30% hitting a high of $1.72552 on the Bitstamp exchange. This is the highest price XRP has seen in 1,128 days.

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XRPUSD Chart (Bitstamp). Source: TradingView

XRP Moved More Than 30% in the Last 24 Hours

According to TradingView, the trading price of XRP is currently (as of April 6, UTC time) approximately $1.07255, which means that the price of XRP has increased by 38.29% in the last 24 hours. This makes XRP the most powerful crypto asset among the 50 best crypto assets based on market capitalization.

Over the past 7 days, XRPUSD is up 71.43%. For the year to date period, the price of XRP has increased 321.50% against the US dollar.

Interestingly, the CEO of Ripple Labs, Brad Garlinghouse, stated on December 20, 2020 that the US Securities and Exchange Commission (SEC) intended to file a lawsuit against the financial technology company. That day the price of XRP rose more than 68.88%.

Three Reasons for the Move

Although the US Securities and Exchange Commission announced the lawsuit on December 22, 2020 (which resulted in XRP being delisted from all US cryptocurrency exchanges), there may be three reasons why XRP is currently performing well:

  • Bitcoin has been consolidating in the $55,000 to $60,000 range for the past one month, giving Altcoins a breeze. Some investors or traders take advantage of their bitcoin holdings and transfer their funds to altcoins.
  • XRP is the “cheapest” coin among the top ten cryptocurrency assets by market cap, and its discount (compared to the historic high of about $3.31 hit in January 2018) may make it very cheap in the market. Many other large cryptocurrency assets trade near or at the highest point in history.
  • Increasingly, people are becoming aware that Ripple Labs is likely to win or reach an agreement with the SEC. Even if Ripple loses, XRP can be listed again as long as the court considers XRP is not a security today. Through those communications that rid it of fear.