XRP price today rose above the key resistance of $1.57 to create a new weekly high of $1.64 rising by 15% for the day. The fourth-largest cryptocurrency by market cap fell below $1 support during the last week’s correction, registering a decline of over 30%.
The current bullish recovery is being attributed to the strong momentum building in favor of Ripple labs in its ongoing lawsuit against the US SEC. The CEO of the firm Brad Garlinghouse who is also named as an accused in the unregistered security offering lawsuit has shown optimism over the outcome of the ongoing lawsuit and even based the US regulators over the lack of clarity on crypto regulations in the country.
Ripple vs SEC Lawsuit Virtual Hearing is Live
The third virtual hearing in the SEC vs Ripple lawsuit is currently live and many believe today’s 15% surge was in anticipation of a positive outcome in the case. Prior to today’s hearing, Ripple Labs has accused SEC of ‘extra-judicial tactics’ with its MOU request
