As per the latest reports, the price of XRP reportedly started gaining and is now experiencing a bullish nature. While there are many possibilities that may have led to XRP experiencing a surge with respect to price, but there are many, pointing towards one possibility.
On Monday, March 22, 2021, the price of XRP started gaining a rally and its prices shot up for the first time in months. There are many who are sharing their views but the majority are pointing towards the recent statement made by an attorney.
According to sources, the attorney has claimed that he had the chance of being present at the court for the hearing that was held between the Securities and Exchange Commission and Ripple.
Many analysts are suggesting that it is due to the statement the attorney made that led XRP’s prices to go up three days back.
At present XRP currently ranks as the 7th largest cryptocurrency asset in terms of market capitalization. At the time of writing, the price of XRP is rotating at $0.563 per XRP token. The on-chain data analyzing firms have claimed that XRP has managed to gain this increase in a matter of 24 hours. Since the beginning of the week on Monday, March 22, 2021, its prices have gained an overall 27% increase in its price.
The recent rallying has almost covered the losses that XRP had experienced for the entire month. For those who still think that XRP is doing badly since the beginning of 2021, XRP has gained a 259% increase in price since the beginning of 2021.
As per the attorney, Jeremy Hogan, who claimed to have attended the hearing between the US SEC and Ripple, things went in the favor of Ripple in the particular hearing.
Hogan stated that if the meeting were to be gauged on a scale of 1 to 10, in 10 being the best hearing for Ripple, the scale would be 11. As per him, Ripple’s lawyers are doing whatever they can in order to bring XRP back on the map of major cryptocurrency exchanges.
He also added that the lawyers from the side of the regulator have also made a very promising statement about XRP’s security offerings. According to the hearing, the SEC lawyers stated that even if the exchanges of XRP as securities, they will not be committing any crime or breaching any laws.
The lawyer also claimed that the Judge at the hearing, Sara Netburn also asked the SEC attorneys to prove if the trading data provided by Ripple was false, forged, or incomplete.
However, the SEC attorneys did not give any convincing answers, which led to the courthouse viewing it as a lack of knowledge about the exchange’s trading activities.