- The XRP price has surged by 10% in the last 24 hours, bucking the current market trend.
- Hopes for a relisting of XRP on crypt exchanges worldwide seem to be driving the price rally.
After the Bitcoin price was rejected again at the $60,000 mark yesterday, the cryptocurrency market is almost consistently in the red this Sunday. However, one top cryptocurrency is bucking this trend. At press time, XRP was up around 10% and trading at $0.52.
The supposed cause for this seems to have been yesterday’s discovery hearing in the SEC vs. Ripple case, which produced two “surprise bombshells” in favor of Ripple, as analyzed by Jeremy Hogan. As a result, there is now a new hope among XRP investors that crypto exchanges could relist XRP – before a final ruling from the Court of the Southern District of New York in the lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple.
What happened and is behind XRP’s rally?
An SEC lawyer stated in the hearing, which was about the SEC’s motion to receive Brad Garlinghouse’s and Chris Larsen’s personal financial records, that “only Ripple and affiliates of Ripple” could have sold XRP illegally.
Jeremy Hogan analyzed that this is important because exchanges that delisted XRP two months ago did not violate securities laws and would not do so if they re-listed XRP and started selling it again. The attorney also speculated that “a slew of non-action letter request coming or already received by the SEC”.
John E. Deaton, who re-filed to intervene in the Ripple v. SEC case on behalf of more than 10,000 investors, wrote via Twitter that this turn of events confirms his Writ of Mandamus. Deaton said:
In our Writ of Mandamus I made a bold statement when I said: ‘It is legally incorrect, intellectually dishonest and completely disingenuous for any SEC lawyer to stand up in open court and claim that all XRPs are securities. If the SEC attempted to make that argument, it would be laughable, if the economic damage that has been done wasn’t so tragic.’
Yesterday proved us CORRECT!
This news went viral in the XRP community, while they are currently trying to get the hashtag #relistXRP “trending” on Twitter. This has already worked out in Australia, as one user reported.
— CORINTHILLYRIAN🇦🇺XRP (@CORINTHILLYRIAN) March 21, 2021
The hope for the re-listing of XRP for American users is currently raising high expectations. Numerous community members expect an immediate rise in the price of XRP as soon as the first news leaks out that exchanges are listing XRP again – similar to the well-known “Coinbase effect”, only bigger. At least that is the speculation.
— 🐼PandaRippleXRP🐼 (@RipplePandaXRP) March 20, 2021
On the other hand, XRP whales also seem to have reacted to the news. As @xrpartisan reported, “the top 0.01% of XRP accounts added 37.5 million XRP today.”
The top 0.01% of XRP accounts added 37.5 million XRP today. Just thought I'd mention that.
XRP is definitely going to zero tho'. 🙄 pic.twitter.com/PFZunc9dmr
— XRPatience (@xrpartisan) March 21, 2021