Ripple token rises to $1.10 for first time since 2018
The Ripple token managed to break through the $1.10 mark for the first time since March 2018. Let's find out what caused it.
The first signal to the future growth of XRP traders was noticed back in February 2020. The SEC then withdrew claims that Ripple was manipulating the market. Some analysts predicted a rapid rise in the XRP coin to $1.
The fourth largest cryptocurrency on the world market has started its "technical rally." One of the catalysts for the growth has been the increased debate on social media amid recent statements by Brad Garlinghouse.
Ripple's small legal victory last week also boosted optimism among members of the crypto community. Ripple Labs has removed its emails from public access. One of them was a conversation between the CEO of Garlinghouse and an anonymous person about the non-profit wing of venture capitalists - Rippleworks. Another letter, which became decisive in the lawsuit of the startup with the American regulator, contained information about the social perception of XRP and the company's control over its cryptocurrency.
Of course, this did not prove to the SEC that XRP is not a security, but traders were given a charge of "wake-up" and an even greater boost to buying the coin when Garlinghouse stated that Ripple would do without XRP in the event of a court loss.
The role of the additional growth factor of the Ripple token was played by the "season of altcoins". Because the largest representatives of their market, including XRP, feels just wonderful.
Now most traders are afraid of inflation because of the US policy of lowering the dollar index. But no less than inflation they are afraid that Bitcoin will become an overvalued asset, so they hedge risks in the altcoin market. Including the equivalent of Ripple tokens.