The fifth-largest cryptocurrency, XRP, is making an effort to rebound after yesterday’s short increase and subsequent decline brought on by rumours of a BlackRock ETF registration.
The only cryptocurrency in the green among the top 10 that saw losses throughout the course of the day was XRP, which was up 1.67% to $0.663 at the time of writing.
With the events of the last day, CoinMarketCap data indicates that XRP has caused a 244% jump in trading volumes.
In the last day, buyers and sellers have exchanged 5.32 billion XRP, or $3,550,863,245 in total. This represents trade volume.
X (Twitter) users brought attention to a Delaware document indicating BlackRock sought to establish the “iShares XRP Trust,” a precursor to the introduction of an exchange-traded fund (ETF), and as a result, XRP temporarily reached highs of $0.748 in Monday’s trading.
But after it was determined that the file was fraudulent, the price increases soon evaporated. Eric Balchunas, an analyst with Bloomberg ETF, refuted the allegation and said that the conduct may have been committed by a fraudster.
However, there was a bright spot for the price of XRP when it retested a crucial purchasing level at $0.64 and began to rise from there. Since November 11, bears have been unable to force the price of XRP below this crucial level on a regular basis, and this time was no different.
If the upswing continues, XRP may eventually hit the $0.85 mark after retesting the $0.732-$0.74 region.
Judge Torres has established the timeline for remedy discovery and briefing in the Ripple action. Final briefs in April may portend a final ruling in July, claims Jeremy Hogan.
Legal expert Fred Rispoli, who was involved in the Ripple action as well, said that it is unlikely that the 2nd Circuit will rule on an appeal filed by any side before the middle of 2026. Rispoli continues, “The SEC’s game is over.”
