XRP, It approached the $0.50 level with the increase in investor interest as many top institutions declared support for Ripple in its legal fight with the SEC.
Increased Support for Ripple in SEC Litigation Considered to Be the Source of Rise
XRP, Ripple’s native token, continues to benefit from the positive outlook, influenced by the positive developments in Ripple’s fight with the US Securities and Exchange Commission (SEC).
With the increase in amicus briefs supporting Ripple, the price of XRP briefly rose above $0.50 again.
Despite the widespread bear market, XRP started November on positive ground as it has consolidated below $0.49 since Oct. The asset held above the $0.45 support level and only rarely fell below this level and then bounced back up.
As news of multiple amicus briefs backing Ripple against the SEC gained momentum, the asset staged a massive rebound against the bears and rallied above $0.50 on Friday. Here, the XRP token, which faces the strong resistance of the bears, is trading at $ 0.4927 at the time of this writing.
With the upward move it made in a short time, the XRP token became one of the top 40 cryptocurrency It is the second highest-growing altcoin. Polygon (MATIC), which made moves in favor of the bull, took the first place with the latest developments.
XRP’s recent price action shows a huge surge in investor interest as demand for the asset rises due to the positive developments in the SEC litigation.
Some of the amicus curiae submitted to Ripple include top organizations such as the Digital Commerce Chamber, Blockchain Association, I-Remit, TrapJets, and America’s largest exchange Coinbase.
*Not investment advice.
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