All this, with the looming SEC shadow. There is no doubting the tenacity of the XRP community, who have banded together for another rally for their coin that has seen it cross a little landmark.
It has risen above $1 for the first time since March 2018.
The token continues to draw support from a community of loyal and devoted cryptocurrency traders that are behind this rally that is divorced from reality — the reality of lingering regulatory concern that has seen Ripple under the radar.
The US Securities and Exchange Commission filed a case against Ripple that uses XRP in its payment network, for raising $1.3 billion by selling the token in unregistered security offerings.
And while there is no closure yet, the cryptocurrency has climbed to a three-year high above $1, having erased the decline last year from roughly $0.60 to $0.20 in recent weeks. The price of the token is still well off its January 2018 all-time high of $3.30, though.
Some say that the token might be getting support from the XRP community, popularly known as the XRP Army, and they may be right.
Many feared that XRP would miss the 2021 crypto bull run, because of the shadow of the SEC probe.
That pessimism likely stemmed from observers who were overly US centric, because while the Securities and Exchange Commission can take action, these are cryptocurrencies that go beyond the reach of the United States.
Several major western crypto exchanges suspended XRP trading due to these regulatory concerns, but it seems that XRP believes are buying the cryptocurrency on other, less regulated exchanges, or from venues in Asia.
Remains to be seen whether this buying pressure from outside the United States has any effect on the adoption of the cryptocurrency as a payment mechanism.
But this is almost as exciting as the pending case with landmark potential.
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