Here’s why the price of XRP is rising despite the struggles in the crypto market

A native token of Ripple, the price of XRP has jumped over 8% in the past 24 hours. This recent jump has helped the token emerge as one of the top gainers over the past day.

XRP Price Remains High While BTC Falls

The global crypto market saw a marginal decline over the past day. The cumulative market capitalization of digital assets is still below the $1 trillion mark. The prices of the biggest cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have fallen by more than 6% and 17% in the last 7 days.

John Deaton, Amicus Curiae in the SEC lawsuit against Ripple criticized the commission by sharing the XRP Price Surge amid weak investor sentiment. He mentioned that the price of XRP increased by 10% and LBC jumped by 11%. While the DRGN price jumped 5%. Deaton pointed out that all of these tokens are implicated by the SEC.

However, positive sentiments have been building for XRP as the legal battle between Ripple and SEC has reached the summary judgment stage.

Ripple lawsuit enters summary judgment phase

Coingape reported that District Judge Torres approved the joint programming proposal put forward by the two parties. However, the next hearing on September 19, 2022 will be vital to the process going forward. Plaintiff and Defendants will submit the redacted version of the briefs.

Attorney James Filan said the public will not be able to see the statements and exhibits at this time.

The price of XRP has jumped over 7% in the last 7 days. The recent helped the token slightly recover recent damage. XRP is trading at an average price of $0.3739, at press time. However, it is still trading down 55% from its annual price.

XRP’s 24-hour trading volume increased by 39% to $1.66 billion. While it still holds a total market cap of $18.7 billion amid the crypto downturn. Meanwhile, the lengthy legal battle between the SEC and Ripple has hampered XRP price growth.

Ashish believes in decentralization and has a keen interest in the evolution of Blockchain technology, the cryptocurrency ecosystem, and NFTs. He aims to raise awareness of the growing crypto industry through his writing and analysis. When he’s not writing, he’s playing video games, watching thrillers, or playing sports outdoors. Contact me at [email protected]

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

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