The embattled XRP (Ripple) is now on a price rally. The altcoin price started to soar on April 5 after it reached $0.93 from merely trading at $0.63. It recorded a 47% price increase in just a day.
On April 6, XRP (Ripple) have already breached the $1 mark. The recent price rally was attributed to its back-to-back victory over the lawsuit filed by SEC and a possible relisting with exchanges and other crypto businesses. It can be recalled that XRP was faced with massive delisting after the filing of the SEC lawsuit. The altcoin even dropped to as low as $0.171 on Dec. 29, a week after the lawsuit filing
In recent data by Crypto.co, XRP (Ripple) price has already jumped to $ 1.33 and has recorded a 6.09% increase in a 24-hr chart.
A petition was also filed by Thomas Hodge, an XRP advocate asking the SEC to drop the charges against Ripple and XRP. Serious allegations were hurled at the previous SEC leadership with its former head Jay Clayton.
Ripple also scored high after gaining two legal victories against SEC. It was able to stop SEC from disclosing in public its CEOs’ financial records which the court referred to as “wholly inappropriate overreach.” The court further stated:
“The SEC is not entitled to troll through the Individual Defendants’ detailed personal financial records solely on the pretext that it has to prove that they — like virtually every other living person — would view making money as a positive thing.”
It also won a discovery motion that has required the SEC to hand over documents over its reasoning on crypto assets.
With things going in favor of Ripple and XRP, investors expect that the altcoin will finally bounce back. According to reports, XRP (Ripple) long-term speculators now aim for $5.60.