Ripple rips to new multi year highs on positive news! It has been quite the wild ride for Ripple investors. Only a few months ago Ripple was trading at about 0.13c on bearish news stemming from a lawsuit with the SEC. Thankfully, if you believed in the project and held fast (or bought the dip), you are probably having a great time. Congrats! So what happened and why is this controversial crypto making new highs? Check out the latest Ripple news below!
Why is Ripple Skyrocketing?
Did you buy the dip on Ripple? You should have…it just hit $1. And it does not look like it’s slowing down.
But why? I thought there was a horrible lawsuit against them!
Yes, like most people that read negative news, you probably assumed Ripple (XRP) would be down for the count.
And, like most people, you were wrong.
It is almost always these major dips that lead to new highs.
Let’s see what happened today.
According to Cointelegraph:
Ripple Labs has been granted access to U.S. Securities and Exchange Commission documents “expressing the agency’s interpretation or views” on the subject of crypto assets.
According to Law360, U.S. Magistrate Judge Sarah Netburn granted the defendants’ motion “in large part,” determining that SEC minutes or memos concerning crypto are likely discoverable. Netburn asserted staff-to-staff email communications do not need to be produced.
XRP hodlers rejoice!
As of April 6, 2021, Ripple XRP is trading at $1.05 USD.
This is up about 600% from the SEC lawsuit news. The lawsuit alleges:
According to the SEC’s complaint, Ripple; Christian Larsen, the company’s co-founder, executive chairman of its board, and former CEO; and Bradley Garlinghouse, the company’s current CEO, raised capital to finance the company’s business. The complaint alleges that Ripple raised funds, beginning in 2013, through the sale of digital assets known as XRP in an unregistered securities offering to investors in the U.S. and worldwide. Ripple also allegedly distributed billions of XRP in exchange for non-cash consideration, such as labor and market-making services. According to the complaint, in addition to structuring and promoting the XRP sales used to finance the company’s business, Larsen and Garlinghouse also effected personal unregistered sales of XRP totaling approximately $600 million. The complaint alleges that the defendants failed to register their offers and sales of XRP or satisfy any exemption from registration, in violation of the registration provisions of the federal securities laws.
It is no wonder XRP sold off so hard, considering these allegations.
However, the positive news of late has turned the tide.
As a result, we believe the lawsuit will only have minor impacts in the future on the price of XRP.
In fact, the monthly chart is one of the most bullish chart formations out there. See below:
This is the infamous “Cup and Handle” formation, and it is beautiful.
Not to mention the fact that assets hitting 52 week highs tend to keep hitting 52 weeks highs until acted upon by an outside force.
Our prediction is that Ripple will receive some sort of fine or slap on the wrist ruling from the SEC which will temporarily drive the price down.
When XRP gets hit, (most likely****), it will come back and make new all time highs.
Conclusively, our price prediction is $1.50 for now and $3 by end of 2021.
Let’s see what we get! And stay tuned for the next article on the subject.
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