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XRP hits 13-month high versus Bitcoin with 35% daily surge — But is a correction inevitable?

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cointelegraph.com

XRP price posted a sharp rally against Bitcoin (BTC) on continued optimism about a potential settlement between Ripple, a San Francisco-based blockchain payment firm, and the U.S.

Securities and Exchange Commission (SEC).On Sep. 23, the XRP/BTC pair surged to 0.00002877 — its best level in 13 months — from 0.00002132, a 35% price rally versus Bitcoin in one day.

Meanwhile, the same timeframe saw XRP rising as much as 42% against the U.S. dollar.The big price leaps in the XRP market started appearing after Ripple and SEC filed motions for a summary judgment with the court on Sep.

12 regarding their ongoing legal battle over allegations that Ripple committed securities fraud.In other words, Ripple and SEC agreed that the court should use available evidence to reach a verdict by December 2022 on whether the blockchain firm illegally raised funds by selling XRP, and thus avoiding trial.

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