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Ripple bounces back in the market despite lawsuit

Ripple shows signs of recovery in the market after experiencing a 65% crash due to the lawsuit filed by the SEC. Despite the uncertainty surrounding XRP’s future, some metrics experts say that it’s up for a bullish run in the following months.

Right now, Ripple is still facing charges from the SEC’s lawsuit regarding the unregistered US$1.3 billion in revenue through their digital asset securities offering. Following that event, major exchange sites such as Coinbase pulled XRP from its portfolio.

Since late December, a significant number of addresses have been joining the Ripple network. During that time, at least 2,050 addresses are added on a daily basis. This number boomed to a whopping 240%, which roughly translates to 6,900 new addresses as of January 11. XRP’s growth shows recovery in the future despite its losses due to the lawsuit.

The sudden growth of the network can also be attributed to the increasing number of Ripple whales. According to Santiment, a site that tracks cryptocurrency growth, Ripple’s progress improved because data showed a large number of buyers who purchased XRP when the prices went down.

Moreover, addresses possessing 10,000 to 10,000,000 increased by 5.30% in the previous weeks. If this trend continues, XRP’s value will most likely recover and move past the US$0.33 barrier.

In an interview with CNN, Brad Garlinghousem Ripple CEO, said that the SEC rulings were ‘fundamentally wrong’ as they have been given the permit to operate for eight (8) years.

The SEC is fundamentally wrong as a matter of law and fact. The SEC has permitted XRP to function as a currency for over eight years, and we question the motivation for bringing this action just days before the change in administration,’ stated Garlinghouse.

Garlinghouse said they are contemplating whether or not to move their headquarters due to the SEC’s decision and is looking forward to working with the new administration.

‘Although the SEC’s decision brings an even greater sense of urgency to our decision whether to move our HQ outside the US, we also look forward to working with the new Biden administration to see if we can find a rational path forward here.’

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