Why XRP Is Soaring Today
XRP (CRYPTO: XRP) is seeing big gains in Tuesday's trading. The cryptocurrency's token price was up 8% over the previous 24 hours of trading as of 5:30 p.m. ET. Meanwhile, the price of Bitcoin was up 4.5%, and the price of Ethereum was up 6.2%.
In addition to bullish momentum for the crypto market today, XRP's token price is gaining ground in conjunction with a key deadline for legal challenges brought against Ripple by the Securities and Exchange Commission (SEC). If tomorrow comes and goes without the SEC filing an appeal to previous court rulings, XRP's token price could see even stronger bullish momentum.
In 2020, the SEC brought a suit against Ripple Labs, alleging that the company had offered its XRP as a security to early investors. A 2023 ruling found that Ripple should pay a $125 million penalty in relation to the case, far short of the $2 billion fine that the SEC had sought in the lawsuit. The SEC has had plans to appeal the ruling and needs to file a brief outlining its challenges by tomorrow. With the appeals brief still yet to be filed, investors have been buying up XRP and sending its token price higher.
Source Fool.com
