XRP Grows Over 150% In The Past Week

XRP enjoyed gains as its price jumped by about 150percent over the past week. The coin experienced an increase of 38 percent in just 24 hours, from Friday to Saturday, as Ripple won a major legal case. 

A federal judge, Sarah Netburn ruled in favour of CEO Brad Garlinghouse and former CEO Chris Larsen, on the case between Ripple and the Securities and Exchange Commission, in which the SEC asked for access to personal financial records of the CEO and former CEO. The SEC claims that XRP is a security, and not a crypto and it is under their scope.

Even while Bitcoin and Ethereum both minor daily losses, XRP rose from $1.01 to $1.39 - a 38 percent difference.

 The cryptocurrency has pulled back a little since reaching that high and is, at the time of writing, up 33.16%, valuing XRP at $1.42092.

The volume of XRP which traded on Saturday was over $17.6 Billion, just under 13% of the total volume of all .

The big spike in investor confidence and price comes after the ruling made on Friday by the United States District Court Judge Sarah Netburn, of the Southern District of New York. Netburn ruled that the SEC’s requests for the records were not “relevant or proportional to the needs of the case.” The judge also ruled upon a motion of discovery which grants Ripple access to SEC memos and minutes “expressing the agency’s interpretation or view s.” These records are expected to reveal why the SECr has not classed Bitcoin or Ethereum as securities.

Should the documents mention XRP as a ‘virtual currency’ rather than as security, Ripple will expect to strengthen their case in the lawsuit brought by the SEC in December 2020 which ultimately relies upon its determination that XRP is deemed a security.

Despite the massive surge in price which now gives XRP a 2021 gain of more than 550%, XRP is still down around 60% from its all-time high of $3.29 set on January 4th, 2018. The latest price jump has pushed XRP back into the top 10 cryptocurrencies by market cap. XRP is 4th behind only BTC, ETH and BNB.

The week prior, XRP price jumped nearly 5%, hitting its highest price in three years, after Ripple announced that the company has acquired a 40% stake in Tranglo, one of Asia’s largest cross-border payment firms.