Ripple's (XRP) first quarter of 2021 got off to a strong start, closing with a 58.9% gain in price. Yesterday’s 1.07% increase partially refunded the 1.93% drop of Thursday and pushed the remittance token to a 42.82% increase, settling at $0.53798. Investors seemed to be in a good mood despite the lack of updates concerning Ripple’s long-running lawsuit with the US Securities and Exchange Commission (SEC).

Although the SEC has been attempting to prevent the introduction of Hinman documents, Ripple's defence team's strategic moves have made significant progress in their case. This, together with SEC and Commodity Futures Trading Commission (CFTC) discrepancies over the classification of ETH and other cryptos has boosted Ripple’s odds of success.

At the time of writing, CoinMarketCap shows that XRP has dropped 4.68% compared to 24 hours ago, trading near a daily low of $0.5099. XRP also weakened against its cryptocurrency peers, particularly Bitcoin (BTC) and Ethereum (ETH), by 7.09% and 6.29% respectively.

The daily trading volume for XRP today registered a 15.07% lower figure compared to the previous day, with its 24-hour trading volume settling at $1,938,236,946. Altogether, the asset has experienced a year-to-date return of 57.8%.

No doubt, the future of XRP is still uncertain due to the case against the SEC. However, with the legal move being made by Ripple’s defense team, the crypto asset has a greater chance of achieving its prior successes. As always, we recommend buyers to do their own research before investing in any crypto asset.



Other News from Today