XRP is capping off a strong week of gains with a weekend surge in price, soaring 38% in the last 24 hours after Ripple scored some key legal rulings.
The price jump, more than 110% over the last week so far, follows Ripple’s important wins by its legal team after a federal judge ruled that Ripple’s CEO Brad Garlinghouse and former CEO Chris Larsen do not have to provide their personal financial records to the Securities and Exchange Commission (SEC).
Whilst Bitcoin (BTC) and Ethereum (ETH) both posted moderate daily losses, XRP surged by almost 38% from $1.01 up to a high of $1.39. 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 traded over the last 24 hours was more than $17.6 Billion, just under 13% of the total volume of all cryptocurrencies.
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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 views.” 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 also 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.