XRP price has risen by more than 19%, slicing through a crucial hurdle after rumor Coinbase started doing backend work to relist token

XRP price reached an intraday high of $0.72557. This is the highest price XRP has seen since February 1. Further increase in buying pressure around the current price levels could push XRP price by another 55% towards $1.13.

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XRP/USD 4-hour chart | Source: TradingView

XRP price reach over $ 0.72 for the first time in two months, now up 212% in 2021

According to data by TradingView, XRP is trading around $0.68584, which means that in the past 24-hour period, the XRP price has gone up 15.3%; and in the year-to-date (YTD) period, the XRP price has gone up over 212% vs USD.

Interestingly, since 20 December 2020, the day before Ripple Labs CEO Brad Garlinghouse said that the U.S. Securities and Exchange Commission (SEC) intended to bring a lawsuit against the FinTech firm, the XRP has increased by over 18%.

There are probably three reasons why XRP is doing reasonably well at the moment despite the lawsuit that the U.S. SEC announced on 22 December 2020. Ripple native token being the “cheapest” coin among the top 10 crypto assets market cap and its discounted price (compared to its all-time high of around $3.31, which was reached in January 2018) can make it appear as a genuine bargain in a market where many other mega-cap crypto assets are trading near or at their all-time highs.

The growing realization that it is quite possible for Ripple Labs to either win or reach a settlement with the SEC and that even if Ripple loses the lawsuit, as long as the courts decide that the token is not a security today, it could get re-listed by those exchanges that dropped it out of fear.

Moreover, it seems that the information Coinbase started doing their backend work to relist XRP is good enough news that this token is making it successful today.

You can see the XRP price here.

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