Amid a weekend pump carrying multiple cryptocurrencies higher, Ripple’s XRP appears to be leading the way with a surge of up to 30% on a daily basis – carried on the back of a string of legal wins and rumors of relisting at certain exchanges.
While Bitcoin and Ethereum only rose 2.7% and 3.4% respectively on the day, XRP climbed to $ 1.36 before falling back to $ 1.32, where it stands at the time of the publication. Digital currency is now up 111% on a 7-day basis and 544% year-on-year. The recent surge has also propelled XRP into the top 10 cryptocurrencies by marketcap, behind only BTC, ETH and BNB in 4th place.
– sats (@satsdart) April 10, 2021
The rally flies in the face of a lawsuit by the Securities and Exchange Commission, which accuses XRP’s $ 1.3 billion ICO was an “unregistered securities offering.” The news led several exchanges to pull the currency out and XRP lost its place as the 3rd largest currency in terms of market cap, sometimes appearing to even fall into the top ten.
The bad news for XRP didn’t end with the SEC either. In March, Ripple CEO Brad Garlinghouse announced that the company would “cut back” its relationship with Moneygram – a once-much-touted partnership that investors have often cited as proof that digital currency is on its way to becoming “the norm. For payments. and the regulations.
Despite the deluge of negative headlines, it seems all buyers needed was a little silver lining to get back – and that’s exactly what they got. Ripple’s lawyers scored two wins in their legal battle against the SEC, including access to the history of internal SEC discussions regarding cryptocurrencies, and a court denied the SEC the opportunity to release the records financiers of two Ripple executives, including Garlinghouse.
Ripple executives themselves seem encouraged by the news, with CTO David Schwartz claiming that the United States is not “ready” to regulate cryptocurrencies (a possible dig in ongoing legal proceedings).
Overall, it’s just another week for one of the most controversial cryptocurrencies in the space.