Why Is Ripple's XRP Cryptocurrency Shooting Up Today?
XRP (CRYPTO: XRP) traded nearly 20% higher early Tuesday thanks to positive sentiment surrounding a court case involving Ripple Inc, the company associated with the token.
| Time-frame | % Change (+/-) |
|---|---|
| 24-hour | 20.55% |
| 24-hour against Bitcoin | 15.8% |
| 24-hour against Ethereum | 17% |
| 7-day | 43.8% |
| 30-day | -15.9% |
|
YTD performance |
3.2% |
See Also: How To Buy XRP (XRP)
Why It’s Moving? Ripple was granted permission by district court Judge Analisa Torres of the Southern District of New York to respond to the Securities and Exchange Commission Memorandum of Law in support of the Motion to Strike fair notice defense.
The judge’s ruling, first noted on Cointelegraph, unseals emails to Chris Larsen, executive chair of Ripple’s board of directors, and Brad Garlinghouse, the Ripple CEO.
The SEC alleged last year that Ripple conducted an unregistered $1.3 billion securities offering. The regulator named Garlinghouse and Larsen in a lawsuit.
XRP was among the most mentioned coins on Twitter. It attracted 819 tweets at press time, according to Cointrendz data.
The three most mentioned coins Bitcoin (CRYPTO: BTC), Shiba Inu (SHIB), and Ethereum (CRYPTO: ETH) were mentioned in 5,639, 2,796, and 2,327 tweets, respectively.
XRP attracted high interest from retail traders on Stocktwits. It was also seen on CoinMarketCap at press time.
XRP Chatter: Jeremy Hogan, a partner at the law firm Hogan & Hogan, said the next couple of months will be interesting in the Ripple V. SEC case as major rulings are “being teed up!”
There's only one major takeaway from this Order on the Ripple v. SEC case:
Judge TORRES is getting ready to take over.
The next couple months will be very interesting with all the major rulings that are being teed up! https://t.co/FLcKyMhVzF pic.twitter.com/t6CKa02qsI
— Jeremy Hogan (@attorneyjeremy1) February 3, 2022
Meanwhile, Ripple said in a note that it tweeted that 2022 is going to be the year when cryptocurrency payments grow dramatically and non fungible tokens go mainstream.
2022 is going to be a big year for #crypto. Ripple leadership predicts:
- Crypto payments to dramatically grow
- #NFTs to go mainstream
- Regulators to step :up:
- The onset of the multi-chain:chains: futureDig deeper here https://t.co/pg7dkBbNuf
— Ripple (@Ripple) February 7, 2022
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