First XRP Mastercard Debit Card Is Going Live In the United States
AI Trading

Earlier today, CoinMarketCap’s data showed that the embattled Ripple’s digital token XRP has managed to break above the $0.30 resistance level.

XRP is desperately trying to stay above the $0.30 price level, after surging to $0.31 a couple of hours ago. Here are the reasons why the price of XRP surged from the $0.28 area.

Read Also: SEC Commissioner Hester Peirce Breaks Silence over SEC’s Lawsuit against Ripple

Ripple Responds to SEC’s Lawsuit

On Friday 29th January 2021, Ripple, the cross-border payment firm, filed a preliminary legal response to the United States Securities and Exchange Commission (SEC) that initiated legal action against it on 21st December 2020.

AI Trading

Ripple’s general counsel, Stuart Alderoty, announced the news in Ripple’s latest blog post and summarized the response for the audience.

He reminded the SEC that XRP is a virtual currency and not a security (despite the regulator’s claim that XRP is an unregistered security) and thus the SEC is not in the position to deal with it. Ripple has never had an ICO and that holding XRP does not imply that holders are entitled to any part of Ripple’s revenue and profits.

Other SEC’s claims against XRP and Ripple were also mentioned and discussed.

Read Also: Ripple Slammed With another Lawsuit over Securities Violation

Dogecoin (DOGE) Price Pump fueled the XRP growth

Prominent analyst Luke Martin believes that when DOGE began declining after a massive rise yesterday, funds started flowing into XRP from that meme-coin.

Yesterday, Dogecoin (DOGE) managed to grab the top-10 spot on CoinMarketCap twice but then it rolled back both times. At the time of writing, DOGE is holding at the level XRP strives to reach – $0.30 and shows a rise of 273 percent over the past twenty-four hours.

At press time, DOGE is ranked 14 on CoinMarketCap. DOGE was pumped by Redditors on r/WallStreetBets, who also bought GME and AMA shares, pushing the price up and a tweet of MSB Chairman Twitter user as well.

Besides, major XRP community members, seeing that the tweet pushed DOGE up and the DOGE community became more active, started calling to the XRP army to begin pumping XRP on social media.

Read Also: Singaporean Crypto Exchange KuCoin Adds XRP Pair despite Ripple-SEC Lawsuit

Bitcoin (BTC) Price Surge Prompted by Elon Musk

The rise of altcoins is often powered by the spike in the price of Bitcoin (BTC). On Friday, BTC soared from the $32,250 level to $38,092 within around six hours after the Tesla CEO and the world’s wealthiest man Elon Musk tagged Bitcoin in his Twitter bio section.

The community and the market took it as assign that Musk had finally surrendered to Bitcoin and embraced it. Musk’s tweet that many believe to be about Bitcoin (“in retrospect, it was inevitable”) was even recorded on the Bitcoin blockchain.

AI Trading produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.