Bitcoin Stands Strong at $27.4K: XRP Scores Big

• The broader market momentum has seen Bitcoin and altcoins exhibiting different price growths.
• Besides Bitcoin, XRP also comes off as one of the top performers today.

It appears that low volatility has returned to the crypto sector with the prices of several digital assets moving up recently. In the early hours of today, the largest cryptocurrency by market capitalization Bitcoin (BTC) consolidated at $27,400, after losing support at the $28,000 level earlier this week. The current BTC price gain also confirmed the subtle breakout from the long-term resistance level at $26,000. 

At the time of this writing, data from Marketcap shows that Bitcoin is trading at $27,551.99, with a 0.25% gain in the past 24 hours. On the other hand, altcoins like Solana (SOL), Cardano (ADA), and Binance Coin (BNB) are still wallowing in the ripple effect of the latest bear market. 

SOL is currently down by 1.76% within the last 24 hours with its price pegged at $23.62. ADA is trading at $0.2569 down by 1.65% and BNB is down by 0.51% to $212.71. Besides these, the second largest cryptocurrency Ethereum (ETH) has lost 0.46% of its market value in the last 24 hours, pushing the coin to a spot price of $1,648.24. 

XRP is currently making its holders smile to the bank with a significant price gain of 5.07% atop a spot price of $0.5348. Recently, the community entered into a debate bordering on the potential of Ripple Labs Inc going public through an Initial Public Offering (IPO). The direction of the conversation almost pushed the token to shedding its gains.

With a mild range motion in recent times, XRP finally broke free, securing a high near $0.5493 before pegging its run at the $0.5348 level. 

Ripple (XRP) Records Multiple Victories 

The latest price gain XRP is exhibiting is largely tied to Ripple Labs’ multiple victories against the United States Securities and Exchange Commission (SEC). After receiving the approval to file a motion to appeal the court’s verdict on the non-securities status of XRP, the regulator has now hit a permanent roadblock.  

As reported earlier by Crypto-News Flash, Judge Analisa Torres denied the motion for an Interlocutory Appeal from the SEC citing that the regulatory body failed to showcase compelling questions of law or substantial grounds for differences of opinion. In her verdict, the Federal judge said that “the SEC’s request for a stay is denied as moot.”

Noteworthy, this verdict does not connote an outright win for Ripple in other matters featured in the initial lawsuit. The payment firm would have to wait till April 23, 2024 when the trial for the lawsuit will commence. 

Ripple’s Asia arm known as Ripple Markets APAC Pte Ltd has also secured a license to offer its key services in Singapore. Precisely, the blockchain startup was granted a Major Payments Institution (MPI) license by the Monetary Authority of Singapore (MAS), allowing it to offer digital token payment services in the country. 

Ripple acknowledges the license as a significant milestone citing the fact that it underscores the real-world use of crypto solutions for businesses as well as financial institutions alike.

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