The price of XRP skyrocketed nearly 80% today, shortly after Ripple submitted its response to the SEC charges.
There are no boring days in the cryptocurrency market, and this is particularly true for this week. After GameStop’s story, Dogecoin’s appreciation and Elon Musk putting Bitcoin into his bio, it seems that now is the time for XRP to shine.
The price of Ripple’s native cryptocurrency, XRP, has increased by up to 80% in a few hours. Less than 12 hours ago, the currency traded at around $ 0.28, but has since reached an intraday high of $ 0.51, with an increase of about 80%.
The price has since been corrected for where it is currently being traded.
This happened on the day that Ripple (XRP) sent his answer United States Securities and Exchange Commission (SEC).
Like CryptoPotato reported in early December, the regulator filed a lawsuit against Ripple for conducting an unregistered sale of securities, which implies that XRP is not a currency or commodity, but a security.
The price has fallen since then, but today it seems to be trying to recover.
As part of its defense, the company claims that:
“In 2015 and again in 2020, the US Department of Justice (DOJ) and the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) determined that XRP is legally used and traded on the market as a virtual currency. These determinations are consistent with the economic reality that XRP functions as a store of value, a medium of exchange and a unit of account – not a share in Ripple’s profit. “
In any case, the current increase has also led to the sale off over $ 84 million in short and long positions in XRP on major exchanges in just the last hour.