Ripple and its native token XRP have a lot going on. From the recent lawsuit ruling that seemed to favor Ripple to XRP price surging despite the broad market drop. Recently, Ripple executive Brad Garlinghouse stated that the legal battle with SEC was ‘exceedingly well.’
XRP Gains More than 5%
XRP token decoupled from the downside actions by the overall market. Usually, alts respond to BTC’s price actions. Bitcoin lost about 2.7% over the past 24 hours and trades beneath the $41K mark. While publishing this blog, Bitcoin traded at $40,199.57.
On the other hand, Ripple gained 7.15% over the previous day, hovering near $0.7798. Meanwhile, Ripple’s 24hr trading volume at $2.53 billion reflects a 51% surge. The upward price actions had XRP among the top gainers today.
Also, cryptocurrency whales supported the remittance token by adding XRP to their holdings. WhaleAlerts shows Whaled accumulated XRP tokens worth about $45.8 million. Meanwhile, XRP had overtaken Solana to be the 6-largest crypto by value.
Ripple Lawsuit Approaching an End?
It may be challenging to find reasons behind a token’s price surges. However, it appears as XRP price jumps kick-started following the latest confident remarks by XRP CEO about the US SEC suit against them. Garlinghouse is sure that the Ripple –SEC lawsuit neared a conclusion.
XRP CEO told CNBC that the SEC lawsuit progress was better than expected. Garlinghouse added that the justice procedure is somewhat slow after the court extended the case for more than 15 months. He believes that the ruling is crucial for XRP and the entire market.
Furthermore, Allbridge collaborated with Ripple to support the XRP Ledger (XRPL). Allbridge added that XRPL was the 14th project they integrated since January.
Ripple surges come as the entire crypto market suffers lows. While publishing this blog, the global cryptocurrency market cap stood at $1.88 trillion, following a 1.31% drop over the past day. Also, Bitcoin lost 1.79% within the previous 24 hours, hovering at $40,309.91.