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XRP Price Increases by Over 40% in the Last 24-Hours, Surpasses US$1 for the First Time Since 2018

The XRP price reached an intraday high of US$1.01307 on April 6, 2021, at 08:55 UTC on the Bitstamp cryptocurrency exchange. This is the highest price Ripple’s XRP has reached in 1,128 days (since March 2018). At press time, the XRP price against the US Dollar (XRPUSD) was US$1.01544 on Bitstamp.

In the last 24-hours, the price has increased by more than 40%. This makes XRP the best-performing crypto asset in terms of market cap among the top 50 cryptocurrencies. The explosive rise in XRP price came after a 200% jump in its trading volume in the last 24-hours. In the last 7-days, the XRP-USD pair has shot up by over 70%. If the year-to-date (YTD) increase is considered in 2021, the XRP price has increased by more than 320% against the US Dollar.

On December 20, 2020, the U.S. Securities and Exchange Commission (SEC) intended to file a lawsuit against Ripple and two of its senior executives. The XRP price nosedived after this and many crypto exchanges also removed the coin from trading. However, this phenomenal rise of XRP in the last 1-week has made the coin price increase by over 68% since December 20, 2021.

What are the Reasons for This Explosive Increase in XRP’s Price?

There are several key pieces of information that led the XRP price to increase significantly in the last 7-days, especially in the last 24-hours.

  1. The most important information is a more favorable outlook in the US SEC’s lawsuit against Ripple and its executives.

Ripple has reached an agreement with the SEC that prevents private electronic correspondence between the two parties regarding the ongoing lawsuit from being fully disclosed. At the request of Ripple, a New York judge temporarily sealed 4 documents. As per defense lawyer James Filan, both parties have been asked by the court to agree on the redactions by April 2, 2021.

Reports say that two of the four documents are behind the disagreement between the SEC and Ripple. These two documents are:

  • An email exchange between the two parties that contains the personal financial information of Ripple’s co-founder Chris Larsen.
  • A document that shares the company’s strategy with private investors.

Though the sealing of the 4 documents by the New York judge is a small victory for Ripple against the US SEC, it was a huge boost for the investors. They reacted quickly to the positive news.

2. Ripple has recently published a blog post titled “Creating a More Financially Inclusive and Sustainable Future”. It thoroughly explained Ripple’s partnership with the “leading fintech companies, universities, NGOs, foundations and social entrepreneurs to create greater economic equity and opportunities for all”.

3. Ripple tweeted an announcement on April 5, 2021. It detailed the company’s most recent acquisition of a “40% stake in cross-border #payments specialist @Tranglo.” This acquisition would improve Ripple’s cross-border payment capabilities.

Next XRP Price Target

The XRP/USD pair has broken the last 3-year consolidation pattern and there are high chances for the price to move up to US$1.30 in this ongoing bull run.

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