Xrp, the sixth-largest cryptocurrency by market cap registered a 20% price rise over the past couple of hours. The price boost has helped the altcoin to break out of month-long slumber and record a new monthly high of $0.7518.
The current price boost is believed to be influenced by the latest announcement from Ripple. The blockchain firm earlier today announced the launch of its first On-Demand Liquidity (ODL) corridor in Japan. ODL services from Ripple are quite popular and in high demand, especially in the Asia Pacific region. Ripple’s new ODL corridor would help the Filipino population in Japan to send money to the Phillipines at a much faster and cheaper rate.
XRP has consolidated under $0.70 for the majority of the last month. After recording a new 3-year high of $1.96 in May this year, it has seen a continuous decline in price along with the rest of the market, losing 65% of its gains from the yearly top. The altcoin was among the worst hit from the May market mayhem.
Ripple Continues to Expand Overseas Despite Ongoing Lawsuit
The ongoing lawsuit against Ripple was filed by the US Securities and Exchange Commission (SEC) back in December. The lawsuit accused Ripple of circulating unregulated security in the form of XRP that led to several crypto exchanges delisting XRP from their platform. The price of altcoin took a massive hit and fell to a yearly low of $0.1748.
The lawsuit hearing began and revealed many surprising facts regarding SEC’s lack of timely action and compliance advice. The case has taken many twists and turns and doesn’t seem to be near the end. The latest twist came in the form of Ripple filing a deposition motion against former SEC director William Hinman. However, SEC objected against the motion claiming former SEC executive’s comments could not be used to prove SEC’s stance.
Hinman as a director had claimed that Ethereum has become an asset from security over time as SEC director, and Ripple wants to use that statement in its favor. The court has allowed for the deposition and now all eyes are set on the outcome.
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