XRP Experienced an Explosive Rally Driven by Speculation Surrounding High-Stakes Litigation
The price of the XRP token was rising on Friday, peaking at $0.559 on the Binance exchange.
The Ripple-affiliated cryptocurrency is up over 40% in the past two days. With the most recent price increase, XRP has now become the best performing cryptocurrency in the top 100 on CoinMakretCap over the past 24 hours.
Stellar (XLM) also managed to gain over 13% riding on XRP’s coattail.
The recent price rally is most likely given that Ripple and the US Securities and Exchange Commission recently filed their proposals for summary judgment.
Market believes the defendants can secure a favorable court ruling after a fierce legal battle that lasted nearly two years.
The outcome of the high-stakes lawsuit will have major implications for the entire cryptocurrency industry.
As reported by U.Today, the Chamber of Digital Commerce (CDC), a cryptocurrency lobby group, recently received court approval to file an amicus brief in the SEC v. Ripple case. The lobbying group has highlighted the need for regulatory clarity.
While the recent developments in the closely watched case have contributed to a significant rally, it should be noted that the XRP token is still down almost 84% from its all-time high.