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Monday, March 4, 2024

Ripple’s XRP Price Jumps Over 8% As SEC Faces Rejection

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  • Ripple (XRP) is trading at the price of $0.4591.
  • In the last 24 hours, XRP has increased by 8%.

Ripple received a favorable ruling in court on Tuesday as a judge rejected the Securities and Exchange Commission’s request to keep documents related to a contentious cryptocurrency speech confidential.

The speech by former SEC official William Hinman on June 14, 2018, is a key document in the enduring legal battle between Ripple and the SEC. Hinman’s statement, where he expressed that Bitcoin and Ethereum were not considered securities by the agency, is of utmost significance. The SEC‘s allegation against Ripple for distributing unregistered securities centers around this particular statement.

As a response to the news, XRP encountered a significant price surge of around 8%, leading to its current trading value of $0.4591. This surge suggests a resurgence of investor enthusiasm in the cryptocurrency.

XRP price chart (source: CoinMarketCap)

Upon analyzing the trading movements in the cryptocurrency market, the Relative Strength Index (RSI) of XRP is recorded at 51.96. This reading indicates that Ripple is currently in a neutral state, devoid of any overbought or oversold conditions.

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