XRP Surges on 'Investor Hope' That Ripple Defeats SEC
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Crypto markets are struggling with most major coins and tokens in the red over the past week. But one digital asset is surging: XRP. The sixth cryptocurrency by market cap is up nearly 21.6% in the past seven days, currently trading for $0.54, according to CoinGecko.
And it isn’t just this week: Its rapid ascent over the first quarter of 2023 has seen it rise 55% since the start of January. Why is XRP doing so well? The asset’s price surge is in part due to investor confidence that the token’s creators will win a legal battle against the U.S. Securities and Exchange Commission, according to experts.
Ripple Labs, which was launched to help banks and other financial institutions move money fast and with very low fees, is still battling a 2020 lawsuit with the U.S. Securities and Exchange Commission.
The SEC—which is currently cracking down on the crypto industry like never before—alleges that Ripple Labs and two of its co-founders misled investors by raising $1.3 billion in unregistered securities offerings since 2013.
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