Ripple Soars as Major Shareholder Confirms Possibility of a Public Listing
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Ripple (XRP) has recorded a new two-week high, following reports that Ripple still has plans to go public, despite its ongoing legal battle with the US Securities and Exchange Commission.
According to Yoshitaka Kitao, CEO of Japanese financial behemoth SBI Group, Ripple plans to become a publicly listed company after it settles its legal dealings with the United States SEC. The CEO made this revelation on the SBI’s earning call, where he stated that:
“After the current lawsuit, Ripple will go public. The current CEO wants to do that. Chris wants to do that.”
Kitao also noted that his company’s investment made in Ripple a while ago could pay off significantly following a potential public listing, adding that the SBI is the biggest outside shareholder in Ripple Labs.
At press time, the XRP peaked at the $1.5950 level on most exchanges and posted gains of more than 12% today alone.
This impressive price action has pushed the market cap of the fourth-largest cryptocurrency above $70 billion.
Ripple Labs and its executives are currently in court with the US SEC over an alleged illegal sale of XRP tokens. The SEC claims that the cryptocurrency company sold $1.3 billion worth of unregistered securities offering.
Key XRP Levels to Watch — April 30
XRP has finally broken above the $1.45 resistance since its previous consolidation and peaked at the $1.5950 high. However, the cryptocurrency came across fresh supply near the $1.6 level, which has driven its price towards the $1.5 support. We expect further declines to get adequately supported by the $1.45 support, where a decent rebound above the $1.6 area could occur.
That said, we could see an instant bullish resumption towards the $1.6 level without a steep correction to the $1.45 support depending on the influx of dip-buyers and trading volume.
Meanwhile, our resistance levels are at $1.6000, $1.6500, and $1.7000, and our support levels are at $1.5000, $1.4500, and $1.4000.
Total Market Capitalization: $2.12 trillion
Ripple Market Capitalization: $70 billion
Ripple Dominance: 3.3%
Market Rank: #4
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