Share this article
XRP Erases SEC-Led Drop as Supporters Pump Price Over $0.60
XRP has more than reversed the late December drop prompted by an SEC lawsuit against Ripple.
Updated Sep 14, 2021, 11:04 a.m. Published Feb 1, 2021, 10:04 a.m.
Payments-focused cryptocurrency XRP jumped to an over two-month high on Monday.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The move more than reversed the late-December price slide triggered by legal troubles at the San Francisco-based payment protocol developer Ripple Labs, which has close ties to the digital asset.
XRP rose to a high of $0.6836 during European trading hours, its highest level since Nov. 25, extending the weekend's rally from $0.27 to $0.50, according to CoinDesk 20 data. As a result, the cryptocurrency has replaced the tether stablecoin as the third-largest cryptocurrency by market value.
XRP prices fell from $0.55 to $0.20 after the U.S. Securities and Exchange Commission announced a lawsuit against Ripple Labs on Dec. 22, triggering a number of exchange delistings of the cryptocurrency. The regulator charged the company with violating securities laws by raising $1.3 billion over seven years from retail investors through its sales of XRP.
Ripple Labs pushed back against the SEC's allegations on Friday, arguing the functionality and liquidity of XRP are wholly incompatible with securities regulation, and its registration as a security would impair its main utility in faster, cheaper and more transparent global payments.
The cryptocurrency picked up a strong bid on Saturday, rising 56% to register its biggest single-day gain in three years, and has remained on the offensive ever since.
A coordinated effort by the members of the two-day-old Telegram group called "Buy & Hold XRP" alongside calls to buy XRP by the r/SatoshiStreetBets group seems to have helped push the cryptocurrency to multi-month highs. At press time, the Telegram pump group had 200,000 members.
However, some observers are of the opinion the Telegram traders may not be the sole drivers of the price rise. "24H volume on XRP on Sunday was over $26 billion. Even if each of the groups' members dropped $5,000 on XRP, that equates to 2% of total daily volume. Let's be rational here – no Telegram group is pumping the 5th largest coin in the space," popular Twitter-based analyst Credible Crypto tweeted Sunday.
The cryptocurrency is trading near $0.66 at press time, representing a nearly 30% gain on the day.
"XRP's next target is $0.80, which, if breached, would allow a rally to $1 and higher," Alex Melikhov, CEO and founder of cryptocurrency framework Equilibrium and the EOSDT stablecoin, told CoinDesk.
As Melikhov said, there are no resistance levels between $0.80 and $1.00. A convincing move above the $1 mark would shift the focus to record highs above $3.00 reached in December 2017.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Gemini Approved by CFTC to Offer U.S. Prediction Markets, Stock Surges Nearly 14%
The decision allows Gemini’s affiliate to offer supervised event-contract markets to U.S. users, adding regulated forecasting tools as the firm expands its product lineup.
What to know:
- Gemini said its affiliate, Gemini Titan, received CFTC approval to operate as a Designated Contract Market.
- The firm stated that the license enables it to offer regulated prediction markets to U.S. customers.
- The Winklevoss twins praised the decision as aligning with President Trump’s push for U.S. leadership in the crypto sector.
Top Stories
