- The market cap of XRP rose 68%, making it the fourth-largest crypto asset.
- Major crypto exchanges such as Coinbase, Kraken, and Gemini relist XRP.
- The altcoin’s daily trading volume spiked 34% to $3.3 billion.
XRP, the native cryptocurrency of Ripple, has witnessed a dramatic resurgence in the wake of its partial victory against the SEC last Thursday. This favorable legal victory has resulted in XRP’s relisting on major crypto exchanges, triggering a surge in demand and trading volume.
Analyzing the Market of XRP
Following Ripple’s favorable court verdict, XRP experienced a surge of over 68% within a week. The recent rally has propelled XRP’s market cap to hit the $43 billion mark. As a result, XRP continues to sustain its spot among the top 4 high-cap cryptocurrencies with a market dominance of 3.47%.
The daily XRP price chart highlights the altcoin’s bullish outlook. By laying a positive crossover, the 21-day moving average crossing above the 9-day moving average, XRP displayed its upward trend. Meanwhile, the daily Relative Strength Index (RSI) at 74.5 indicates the crypto’s overbought condition.
Notably, post the court’s verdict, XRP attained a one-year high of $0.9380 on the crypto exchange Binance, as per TradingView. Despite reaching this peak, the altcoin has now encountered a setback, registering a 16% drop to the $0.78 range.
However, the overall market sentiment of XRP remains positive. The daily trading volume surged over 34% to reach $3,329,841,711. The rise in trading volume can be attributed to the renewed enthusiasm generated by the legal victory and the subsequent relisting of XRP on various cryptocurrency exchanges. According to CoinMarketCap, at the time of writing, XRP traded at $0.7868.
A Key Turn in the SEC vs Ripple Case
A significant update has occurred in the ongoing legal battle between the US Securities and Exchange Commission (SEC) and Ripple. On Monday, Judge Analisa Torres, presiding over this case in the U.S. District Court for the Southern District of New York, has recently transferred the outstanding aspects of the case to Magistrate Judge Sarah Netburn. In the case history, Netburn’s denial of passing one of the SEC’s motions aided in the release of the Hinman docs.
XRP Community awaits to witness even more crucial events in this three-year-long haul. With its legal obstacles now behind it, XRP has reestablished itself as a prominent player in the cryptocurrency realm, sparking optimism among its supporters.
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