Amid a weekend pump of multiple higher cryptocurrencies, Ripple’s XRP appears to be leading the way, with spikes of up to 30% per day – supported by a string of legal victories and rumors of being re-listed on some exchanges.
While Bitcoin and Ethereum gained 2.7% and 3.4% respectively that day, the XRP rose to $ 1.36 before retreating to $ 1.32, where it was at the time of publication. The digital currency is now up 111% on a 7-day basis and an astonishing 544% year over year. The latest advance has brought XRP back into the top 10 cryptocurrencies in terms of market capitalization, behind only BTC, ETH and BNB in 4th place.
– Sats (@satsdart) April 10, 2021
The rally is in conflict with a lawsuit filed by the Securities and Exchange Commission alleging that XRP’s $ 1.3 billion ICO was an “unregistered securities offering”. The news led several exchanges to delist the currency, and XRP lost its place as the third largest currency by market cap and looked like it would even drop out of the top ten at the time.
The bad news for XRP didn’t stop at the SEC either. In March, Brad Garlinghouse, CEO of Ripple, announced that the company would “wind down” its relationship with Moneygram – a once-high-profile partnership that investors often cited as evidence that digital currency is on its way to becoming the “standard.” “To be used for payments and billing.
Despite the flood of negative headlines, it seems that all buyers needed a glimmer of hope to jump in – and that’s exactly what they got. Ripple attorneys have won two victories in their litigation against the SEC, including access to internal SEC discussion history on cryptocurrencies, and a court denied the SEC the ability to disclose the financial records of two Ripple executives, including Garlinghouse.
Ripple managers themselves seem encouraged by the news. CTO David Schwartz said the US is not “ready” to regulate cryptocurrencies (a possible dispute with ongoing legal proceedings).
All in all, it’s just another week for one of the most controversial cryptocurrencies in space.