Amid a weekend pump carrying several crypto assets higher, Ripple [XRP] looks to be leading the way with a push as high as 30% on the daily basis – carried on the rear of a string of legal victories and rumors of relisting at some cryptocurrency exchanges.
Where Bitcoin and Ethereum are up merely 2.7% and 3.4% respectively on the day, XRP climbed to $1.42 USD before retreating to $1.32 USD, where it sits at the time of reporting. The crypto asset is now up 111% on a 7-day basis, and a staggering 544% on the year. The recent push has also buoyed XRP back to the highest 10 cryptocurrencies by market cap, behind only BTC, ETH, and BNB at #4.
The rally flies within the face of a lawsuit from the SEC [Securities and Exchange Commission], that charges that XRP’s $1.3 Bln ICO was an “unregistered securities offering.” The news led several exchanges to delist the currency, and XRP lost its place as the 3rd largest currency by market cap, at a time looking as if it might even fall out of the top ten.
The bad news for XRP didn’t stop with the SEC, either. Earlier in March Ripple CEO Brad Garlinghouse outlined that the firm would be “winding down” its relationship with Moneygram – a once highly-touted partnership that investors often pointed to as proof of the digital currency is on a path towards becoming “the standard” for payments and settlement.
Despite the deluge of negative headlines, it appears all buyers needed was a little ray of hope to leap back in – and they’ve got exactly that. Ripple lawyers have notched two victories in their legal battle against the SEC, along with winning access to internal SEC discussion history regarding crypto assets, and a court denied the SEC the power to disclose the financial records of two Ripple execs, along with Garlinghouse.
Ripple executives themselves seem heartened by the news, with CTO David Schwartz adding that the United States isn’t “prepared” to manage cryptocurrencies (a possible dig at the continued legal proceedings).
All in all, it’s just another week for one among the foremost controversial cryptocurrencies within the ecosystem.