Ripple’s native blockchain asset XRP surged to its one-month high on Monday as traders grappled with the prospects of its re-listing on cryptocurrency exchanges.
The seventh-largest cryptocurrency experienced a dramatic decline in recent months after the US Securities and Exchange filed a lawsuit against its parent company, Ripple Labs, for its alleged role in selling illegal securities.
The legal action raised fears that XRP, which acts as a settlement token atop the Ripple blockchain, could actually be security, prompting many US exchanges, including OKCoin and Coinbase, to delist the token from their trading platforms until further notice. The XRP/USD exchange rate fell by more than 33 percent in response.
…a hearing last Friday raised hopes that the cryptocurrency exchanges might safely resume XRP trading. Ripple’s attorney Jeremy Hogan revealed that Magistrate Judge Sarah Netburn asked the SEC attorney whether the people who sold XRP consequently engaged in the sale