XRP appears to be gaining momentum despite growing concerns about the inflationary reports coming from the world’s biggest economy.
At the time of writing this report the seventh most valuable crypto asset by market value traded at $1.53 with a daily trading volume of $12.3 billion. XRP is up 8% for the day with a market valuation of about $53.5 billion.
Consequently, the crypto asset is gaining bullish reactions as XRP holders petitioned Gary Gensler, the head of the U.S. Securities and Exchange Commission, to strike out the lawsuit against Ripple, the creators of XRP.
Crypto and Policy founder Thomas Hodge recently revealed he had successfully obtained 30,000 signatures on a petition appealing to the financial regulator to drop the lawsuit against the company, a lawsuit in which the Securities and Exchange Commission accused Ripple of unapproved securities in the form of XRP.
In his words:
“We did it! Today, I will be submitting more than 30,000 signatures on this petition to SEC Chairman, Gary Gensler with our list of actions we urge to be taken on behalf of digital asset holders – and in the best interests of our economic future.
I am closing the petition and preparing the final document with all the signatories to electronically submit to SEC Chairman Gensler later today. I’ll send more updates once it has been sent, and on what we can do next together in this process. Stay tuned, friends!”
Ripple’s XRP is often tagged as the “remittance network” and currency exchange that independent servers authenticate. The crypto is known as XRP and transfer times are super-fast.
Ripple (XRP) plays dual roles as a payment platform and a currency. The platform is an open-source platform that was created to allow quick and cheap transactions.
Still, recent price patterns suggest XRP bulls face an uphill task in breaking above the $1.5 resistance levels amid the ongoing recovery of prices across the crypto market spectrum. Investors will be waiting for a break above that price, as such could trigger more upside momentum with a target put at above $2.4 while a bearish break could be triggered if it breaks below $1.25.