XRP price surged by around 15% in the past 24 hours following news that Ripple has set up an entity in Wyoming

XRP price surged by around 15% in the past 24 hours following news that the company has set up an entity in Wyoming.

XRP price surges 15% as Ripple registers a Wyoming entity

Ripple has registered an entity in the state of Wyoming. This follows a clash between the company and the United States Securities and Exchange Commission (SEC). Nevertheless, the price for XRP has surged by about 15% today after Caitlin Long broke the news on Twitter.

Wyoming is one of the states in the US which is known for its hard work towards creating a friendly cryptocurrency regulation framework. A large part of that is due to the efforts of Caitlin Long – a well-known cryptocurrency proponent, as well as a founder and CEO at Avanti – a crypto-oriented financial institution.

With this said, Long broke the news yesterday, welcoming Ripple to Wyoming:

Long also attached a screenshot from the registration page where it can be seen that the new entity goes by the name of Ripple Markets WY LLC, and it’s already active. The initial filing is dated Feb 11th, 2020.

xrp-price-surged-by-around-15-in-the-past-24-hours-following-news-that-ripple-has-set-up-an-entity-in-wyoming

Ripple Markets WY LLC | Source: Twitter

It’s worth noting that all of this comes amid the legal clash between Ripple and the SEC. The Commission had alleged that Ripple had conducted an illegal securities offering, essentially claiming that XRP is a security. This took a toll on the cryptocurrency, which dropped by more than 70% on the news back in December and is still having hard times recovering, despite the ongoing bull market.

Nevertheless, the past 24 hours have been rather favorable for XRP, and the reason might be that there’s a lot of conversations around the Wyoming relocation. The price is up about 15% on the last day as XRP is currently trading around $0.6.

You can see the XRP price here.

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