XRP, the popular crypto among retail and crypto traders is printing strong gains despite its legal tussle with the U.S Securities Exchange Commission, amid the prevailing bullish trend in play at the crypto market.
The seventh most valuable crypto by market value at press time was trading at $0.525844 with a daily trading volume of about $7.5 billion XRP is up 9.94% for the day. It was the Crypto’s asset’s biggest one-day percentage gain since March 20.
The surge pushed XRP’s market value to $23.4 billion or 1.28% of the total cryptocurrency market cap. At its highest, XRP’s market valuation was pegged around $31.6 billion. For the day XRP had traded between a range of $0.46472 to $0.51806
In a court document recently filed by Ripple some days ago, the word “denies” comes up about 440 times as Ripple refutes the SEC’s allegation that the fintech engaged in an illegal initial coin offering when they first issued XRP to investors.
“Ripple denies it engaged in any offering of securities; denies the inaccurate characterization of the legal advice Ripple received regarding XRP; and denies that it engaged in a single ‘offering’ of XRP.”
Such gains will surely calm the nerves of many XRP investors disturbed by the ongoing legal tussle between Ripple and a powerful financial regulator.
Ripple’s XRP is often tagged as the “remittance network” and currency exchange that independent servers authenticate. The crypto is known as XRP and transfer times are super-fast.
Ripple (XRP) plays dual roles as a payment platform and a currency. The platform is an open-source platform that was created to allow quick and cheap transactions.