XRP has been moving with a renewed strength every day and has seen itself breaking into a new high in about three years. The price of Ripple has jumped above the mark of $1.30 for the first time in 3 years (2018). This serves as a notable milestone, and it comes while the market is thriving despite the class action lawsuit against Ripple from the Securities and Exchange Commission of the United States.
A Divergence from Reality and Fundamentals
A few hours ago, the Ripple token, XRP has hit a new price mark of $1.10, which the token has not reached since March 2018. Owing to the gargantuan rise, the token is now fourth on the list of crypto in the market based on the market value, and it has an overall market capitalization of about $58 billion.
Cantering Clark, a notable analyst and strategist in the crypto space, has noted that the patterns are sustaining the rally of the Ripple token.
He said that all strides have been taken by XRP to be bullish. After many, CT wrote it off and even delisted it, which has rendered the market short from the sidelined and positional standpoint. XRP can still move much higher than it is now.
Since December last year, the fundamentals of XRP have been encouraging. The Securities and Exchange Commission in the US entered a legal battle with Ripple for parading unregistered securities in the market as XRP tokens. Many analysts and crypto commentators have concluded that though there will be an overall bullish run in the crypto market, XRP would not follow suit due to the lingering issue causing uncertainty from the regulatory bodies.
Following this massive breakout, the price value of XRP has seen a huge rise in its market capitalization, which has reached the figure of $58 billion and is on the verge to break the $60 billion mark.
Update on the Legal Battle
The latest development of the case between Ripple and the SEC, as mentioned by Jeremy Hogan, the crypto lawyer, is that the agency will have to clarify and explain the reason for addressing Ripple in 2016 as a “digital currency firm” and now mentioning that it is a digital security company.