Why is Ripple (XRP) Price Up Today?

2023-10-20 08:23:53

TL;DR

Ripple’s XRP price surged by 7% in the last 24 hours, currently trading at $0.51, surpassing a significant resistance level of $0.50.
The price increase is mainly attributed to the SEC clearing Ripple’s CEO and utive Chairman of allegations in a securities violation case from 2020.

Ripple (XRP) Price Soars 7% Daily

Ripple’s XRP increased by a total of 7% throughout the past 24 hours and is currently amongst the best performers from the top 10 cryptocurrencies by means of total market capitalization.

Source: CoinGeckoThe cryptocurrency is trading at $0.51, above a major psychological and technical resistance level ($0.50). It had recently tried to break above it, but the bulls were unable to sustain the price, and XRP had fallen back below it. It’s interesting to see if it will manage to surpass it convincingly this time.

Why is XRP Up Today?

The main reason why the XRP price is up today is once again related to the legal battle between Ripple and the Securities and Exchange Commission.

AsCryptoPotatoreported earlier, the SEC has cleared Ripple’s CEO, Brad Garlinghouse, and the company’s utive Chairman, Chris Larsen, of all allegations in a long-standing securities violation case.

The lawsuit against them was filed back in 2020 when the watchdog asserted that Ripple had been distributing XRP without registering the asset as a security, thereby violating relevant regulations.

While this is the most likely reason, it’s also worth noting that the entire cryptocurrency market is also in the green today, possibly propelling some of XRP’s gains. The uptick has also treated other altcoins well. Solana is trading at around $26.3 today, up over 10% in the past 24 hours.

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