XRP investors may have not benefited much from the recent crypto rally that saw Bitcoin hit $60k while other top altcoins have also surpassed their all-time highs. However, there is every indication that the asset is warming up to something big in the short-term.
Over the past 24-hours, there has been a massive movement of XRP across crypto exchanges. In the European corridor, exchanges like Bitstamp and BitGo have moved over 85 million XRP worth about $42 million. At the same time, Ripple moved more than 800 million of its token. This is huge and points not just to speculative token movement, but also a possibly upcoming use of these tokens in cross-border payments.
While this was happening, Ripple is also putting up a spirited fight against the SEC on the issue of XRP being security. Ripple has produced more than 300k pages of documents in its defense that prove that the token is not a security. The fintech company has stated that the judge cannot take the SEC word for it and that the documents it presented are relevant to the case. It also added that it was producing an additional 75K documents that it says are relevant to the case. Commenting on the case, the company’s lawyer noted that before the case was filed, the SEC was split on the status of XRP.
In other news that points to then native token of Ripple being at a turning point as there is a growing movement of investors advocating for a relisting of the asset. The Twitter hashtag #Relist XRP is trending. It will be interesting to see how this plays out.