The native Ripple token, called XRP and used to power the Ripple payments system, is now ranked third in terms of market capitalization, overtaking the Tether stablecoin.
CoinGecko’s data shows that the asset gained more than 70% in a week, to $2.47. The total gain over the 30 days was 367%. The asset had previously Solana flips For the fourth place late on Sunday.
Investors have been focused on the case of Ripple against U.S. Securities and Exchange Commission, which was aided when Gary Gensler decided to leave his position as chairman at Ripple on January 20, 2019.
Gensler, who was derided as being too heavy-handed in his approach to regulation by suing companies for it, has now resigned. This is a sign of renewed hope that the crypto industry will be treated with more respect.
In December 2020, the SEC filed a lawsuit against Ripple for violations of securities laws under Jay Clayton. Gensler, who succeeded Clayton in April 2021 as SEC chairman, continued the Ripple case.
The XRP Token is used by Ripple in their payment and settlement services, but it also operates on its own ledger.
Investors continue to speculate on the likely outcome of Ripple’s lawsuit against the government agency.
Despite challenges, investor optimism has been boosted by the possibility of a change in leadership, which fuels speculation that XRP may gain traction with financial applications, such as exchange-traded fund spots.
It is close to the $3.40 high it reached in January 2018 but is still 27.6% lower than that. Decrypt As previously reported
Other cryptos are also continuing to climb higher, following a drop in Bitcoin’s price and last week’s profits-taking.
Cardano is currently up 10% in the past 24 hours. Other top cryptos like Shibu Inu and Stellar are also up 8% or 13%.
Cardano is currently up 10% in the past 24 hours. Other top cryptos like Shibu Inu and Stellar are also up 8% or 13%.
Cardano is currently up 10% in the past 24 hours. Other top cryptos like Shibu Inu and Stellar are also up 8% or 13%.