This fluctuation in the value of XRP pushed the rapidly rising crypto among the top 5 crypto by market value. XRP; It ranks 4th, just behind Bitcoin, Ethereum and Binance Coin.
Amidst the strong bullish rally in the game in Cryptoverse, Ripple’s XRP seems to be on its way, with a take-off almost tripling in value, following social media rumors of its recurrence on some crypto exchanges such as Coinbase and a series of legitimate victories. This increase placed the rapidly rising crypto among the top 5 crypto by market cap.
At the time of writing, XRP was trading at $ 1.33, with a daily trading volume of $ 30 billion. XRP has increased by a weekly average of close to 150%, with a current market capitalization of about $ 61 billion.
The surge in this crypto asset is occurring in the midst of a lawsuit from the SEC accusing XRP’s $ 1.3 billion ICO of being an “unregistered securities offer.” The claim led most American crypto exchanges to remove the cryptocurrency from the list, and XRP lost its place as the 3rd largest cryptocurrency by market cap.
However, traders seem to continue to support the crypto asset amid credible reports that Ripple lawyers have won two victories in their legal fight against the powerful American regulator, including access to SEC’s conversation history on crypto assets.
What does it mean?
The fact that Ripple’s lawyers have such access to these records will provide them with insight into why the Securities Exchange Commission does not view Bitcoin and Ethereum as securities assets.