Here’s Why XRP Price Is Surging Despite Struggling Crypto Market
Ripple’s native token, XRP price has jumped by more than 8% over the past 24 hours. This recent jump has helped the token emerge as one of the top gainers over the past day.
XRP price stays strong while BTC drops
The global crypto market registered a marginal drop over the last day. The cumulative digital asset market cap still stands below the $1 trillion mark. The biggest cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) prices have dropped by more than 6% and 17% in the past 7 days.
John Deaton, Amicus Curiae in the SEC Vs Ripple lawsuit slammed the commission by sharing the XRP price surge amid weak investors’ sentiments. He mentioned that XRP price went up by 10%, and LBC jumped by 11%. While DRGN price surged by 5%. Deaton highlighted that all these tokens are implicated by the SEC.
However, positive sentiments have been building for the XRP as the legal battle between Ripple and SEC has reached the Summary Judgement phase.
Ripple lawsuit enters Summary Judgement phase
Coingape reported that District Judge Torres approved the proposed joint scheduling proposal by both parties. However, the upcoming hearing on September 19, 2022, is going to be vital for the process ahead. Plaintiff and defendants will submit the redacted version of the briefs.
Attorney James Filan mentioned that the public won’t the chance to see the actual declarations and exhibits as of now.
XRP price has surged by more than 7% over the past 7 days. The recent has helped the token to slightly recover the recent damage. XRP is trading at an average price of $0.3739, at the press time. However, it is still trading down by 55% from its year to day price.
XRP’s 24 hour trading volume has spiked by 39% to stand at $1.66 billion. While it is still holding a total market cap of $18.7 billion amid the crypto downturn. Meanwhile, the stretched legal battle between the SEC and Ripple has hindered the XRP price growth.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.