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Ripple Price is Growing. What is the reason for the hype around the token?

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Ripple Price

Ripple Price is Growing. What is the reason for the hype around the token?

The XRP coin has surpassed $ 1 for the first time in three years. What is the reason for its two-fold growth in less than a week, and what prospects does the cryptocurrency have?

Ripple Price

On Tuesday, April 6, the XRP rate on the Bitxmi crypto exchange rose 46% to a three-year high of $ 1.1. At the same time, at the beginning of the month, altcoin quotes were $ 0.52, that is, they doubled in less than a week. Cryptocurrency capitalization exceeded $ 47 billion, according to this indicator, it took fourth place among all digital money, according to CoinGecko.

Ripple’s Price rise is a reflection of its strong undervaluation in the wake of Ripple’s litigation with the US Securities and Exchange Commission (SEC), Bitxmi analysts explain. While the entire cryptocurrency market was updating its highs, XRP remained at local lows, while losing its place in the top 3 cryptocurrencies in terms of capitalization.

Accusations against Ripple

In December 2020, the SEC accused Ripple and its executives of raising over $ 1.3 billion by selling unregistered securities in the guise of XRP tokens. This led to the fact that some exchanges, including the American Coinbase, delisted the coin. However, in March, an SEC spokesman emphasized that apart from Ripple and its employees, no investors, exchanges are breaking the law by selling XRP tokens.

“Now that both Bitcoin and many altcoins have shown significant growth, investors are trying to catch up. The main risk is the confrontation between the leadership of Ripple and the SEC, but here the prospects are not completely clear. So far, both Ripple and the American regulator have an equally probable chance of winning, ” – the experts explain.

XRP Forecast

The upside potential of the coin could exceed 300% from current levels. Experts call it important that investors who invested their capital in XRP at the peak in January 2018 are now trying to “pull prices up” in order to get out of the asset with minimal losses.

XRP has been at the bottom for too long (the accumulation phase began in August 2018), and, fueled by rumors of litigation with the SEC, traders have accumulated a significant short position in the token between November and February 2020-2021. Thus, the surge in prices caused the liquidation of some of the short positions, which also influenced the strength of the growth.

Over the past day, the largest number of liquidations fell on trading pairs with the XRP token, according to bybt. Due to the sharp rise in the asset’s quotes, users lost about $ 230 million.

“The immediate target for the token is at $ 1.3, but one should not exclude a stronger rise in the price of Ripple in the coming months. Despite the negative background, the Ripple project continues to develop, so the asset has prospects for updating its historical maximum, ” – Bitxmi experts suggest.

Now the Ripple Price is going up amid rumors that Ripple and the SEC may come to an agreement in favor of the cryptocurrency, and it will again be added to the American cryptocurrency exchange Coinbase. The situation with the XRP rate depends on the outcome of the proceedings. In addition, there is a technical growth factor – now altcoins are actively rising in price, while the price of bitcoin practically does not change.

Read actual crypto news and crypto forecasts every day on https://news.bitxmi.com/

 

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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