XRP has enjoyed an incredible price shoot over the weekend and has become the best-performing cryptocurrency. Ripple has also won a ‘Discovery case’ against the SEC.
This weekend has been great for the cryptocurrency market, and XRP remains at the top of the list as the best performer. The currency is experiencing a daily price hike of around 30%. The price hike is being attributed to Ripple’s legal victory against the SEC and talks about the token being relisted at other exchanges.
The growth chart of XRP has been very impressive. At the time of writing, the crypto had reached a record high mark of $1.43.
The two major cryptocurrencies, Bitcoin and Ethereum, have a mere price hike of only 2.7% and 3.4%, respectively, while XRP is recording a weekly growth rate of 111% and an annual growth rate of 544%. The price surge also places XRP as the fourth cryptocurrency in terms of market cap.
Ripple’s victory weekend
Besides XRP’s exemplary performance, Ripple also had a great weekend. The company won a lawsuit against the Securities and Exchange Commission. The SEC had filed a case against Ripple where they alleged that the company had sold over $1.3 billion in unregistered securities.
According to the SEC, Ripple used XRP as security since using proceeds from investors to promote business growth. After the lawsuit, Ripple was delisted from major exchange platforms, and XRP lost its value in the cryptocurrency chart.
Before the lawsuit, XRP ranked as the third-largest cryptocurrency in terms of market cap. This dropped to below 7th place after the case.
In March 2021, Ripple’s CEO, Bard Garlinghouse, also stated that the firm would be parting ways with MoneyGram. Ripple’s partnership with MoneyGram is one of the initial factors that had attracted investors to the platform. Ending the partnership was, therefore, very detrimental to Ripple and XRP.
However, the dark days for Ripple and XRP seem to be behind them as investors gain more confidence in this crypto. The firm has won two major cases against the SEC where the company was given access to SEC records regarding cryptocurrencies.
The SEC was also barred tom disclosing the financial details of Ripple’s executives.
Even with the bullish trend of cryptocurrencies, the market volatility in this space remains a constant factor that affects prices. However, XRP’s growth curve is setting a bright future for this crypto.