XRP, the 6th biggest cryptocurrency by market capitalization, has recovered from the drop in value caused by the Securities and Exchange Commission’s (SEC) lawsuit back in December of 2020, reaching its all-time high of the last 2 years.
While the coin had been gradually gaining value over the last month, it had failed to surpass the $0.69 mark it had reached back on November 24th of 2020 before the SEC’s move against Ripple and 2 of its executives in the next month due to an alleged violation of the Securities Act.
On April 5th of 2021, XRP experienced a surge of over 40% that saw it reach a price of $0.92, the highest it has been ever since its all-time high on January 7th, according to Coingecko data.
The surge comes at a time when the Total Market Capitalization of the crypto industry has surpassed the $2 trillion mark and ETH reached an all-time high of $2.1k, which has been reflected by an increase in the price of most of the top crypto projects in the ecosystem over the last week.
Ripple 40% Stake Tranglo Acquisition and Partial Win Against SEC Might Be Driving the Surge
The upward trend started about a week ago with the announcement of Ripple’s acquisition of a 40% stake in Tranglo, an Asian company that specializes in Cross-Border Payment Solutions
This stake could allow RippleNet Customers to leverage Ripple’s Line of Credit to free up working capital and scale cross-border payments into new markets.
Jacky Lee, Chief Executive Officer at Tranglo, referred to this acquisition by stating:
“Tranglo has always prided itself on making cross-border transactions faster, cheaper, and more secure. By partnering closely with Ripple and introducing On-Demand Liquidity to new markets, we aim to further that ambition to provide accessible and equitable financial services to the masses.”
Once the attraction is approved by regulatory authorities, Amir Sarhangi, VP of Product and Delivery at Ripple, and Brooks Entwistle are expected to join Tranglo’s board of…