XRP has broken back into CoinMarketCap’s top three cryptocurrencies, as Ripple’s associated token price surged on the back of its response to regulators on Friday, and is now continuing allegedly as part of a coordinated buying attack by WallStreetBets and Telegram groups.
The XRP price at the time of $0.6569 and it has surged by over 50% in the last 24 hours.
The XRP price pump appears to have been initially caused over the weekend by a strong response from Ripple to the United States Securities and Exchange Commission (SEC). The SEC is currently suing Ripple for the sale of unregistered securities in the form of XRP tokens.
In its letter to the SEC, Ripple says that XRP should be regarded as a digital currency in the same way the SEC considers Bitcoin and Ethereum. The Ripple court filing read:
“The SEC’s filing, based on an overreaching legal theory, amounts to picking virtual currency winners and losers as the SEC has exempted bitcoin and ether from similar…