XRP Soars 38% after Key Legal Wins

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 Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term (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.

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 pushed XRP back into the top 10 Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term 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.