Ripple (XRP) price has recorded an impressive performance, rising by more than 20% in the last 24 hours. The token also managed to be the best performing asset among the top 10 cryptoassets.
This increase is due to the SEC’s RippleIt seems to be linked to the expected resolution of the lawsuit filed in December 2020 against .
South Korean cryptocurrency exchange Upbit is the driving force behind the largest portion of the trading volume with a 19.05% share. Other major exchanges fueling the rally include Binance, Bithumb, Coinsbit, OKX and KuCoin. The increase in trading volume has made an effort to accommodate the increased liquidity for the controversial token.
CoinGlass data reveals that liquidations in the last 24 hours have reached $ 16.69 million. As a result, the bears took the biggest hit and made up the bulk of the short positions.
In a recent court filing, Ripple Labs supported the fair notice defense against the SEC in Bittner v. He referred to the Supreme Court decision in the United States case. The company argues that the SEC’s failure to provide clear guidance on navigating securities laws for digital assets has left market participants in a fog of confusion and uncertainty.
Ripple CEO Brad Garlinghouseremains optimistic that the much talked about case will be resolved in the first half of the year. The outcome of the lawsuit, which is closely followed by the crypto money and financial market, will have significant consequences for the industry. A possible victory will likely trigger a rally in the token price.
You can follow the current price action here.