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Benzinga
Benzinga
Business
Shivdeep Dhaliwal

Why Is Ripple's XRP Cryptocurrency Shooting Up Today?

Ripple

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.

XRP Price Performance
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!”

​​

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.

Read Next: One Of The Big 4 Accounting Firms Just Added Bitcoin And This Cryptocurrency To Its Corporate Balance Sheet In Canada

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