XRP Makes 50% Gain Leaving Top Coins in the Dust

XRP Makes 50% Gain Leaving Top Coins in the Dust
  • XRP is the top gainer among leading cryptocurrencies with an almost 50% surge in the last 7 days.
  • Earlier this week, Ripple executives requested the judge to expedite the lawsuit.
  • On the other hand, leading cryptocurrencies are struggling to regain key support levels.

XRP makes the headline in the crypto space as the altcoin poses an incredible surge. In the last 7 days alone, the embattled cryptocurrency has skyrocketed by around 50%.

Read CRYPTONEWSLAND on Google News google news
XRP/USDT 4-hour chart (source: TradingView)

As seen from the chart above, XRP has made a convincing surge. This is despite recent assaults that various financial markets have received due to widespread fear, uncertainty, and doubt (FUD). 

From trading consistently in the $0.31 to $0.32 zone for months, XRP has finally surpassed the psychological resistance at $0.40. At the time of writing, XRP is changing hands at $0.4860, according to CoinGecko. This translates to incredible 24-hour and 7-day gains of 20.6% and 48%, respectively.

The cause of the surge remains largely unknown. However, earlier this week, CNL reported that Ripple Labs, CEO Brad Garlinghouse, and Chairman Chris Larsen filed a motion for Summary Judgment seeking judgment as a matter of law.

In other words, Ripple is urging the judge presiding over the lawsuit to come up with the court’s decision regarding the lawsuit without having to go to a trial. 

This also means that if granted, the judge will decide if XRP is indeed a security or not. If not, then Ripple wins automatically and it will become the first cryptocurrency in the world that has regulatory clarity.

On the other hand, leading cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA) are struggling to regain support. This is despite the fact that Ethereum made a huge milestone by transitioning to Proof of Stake and Cardano implementing the Vasil hard fork on September 22.

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

retik-new-banner-hor

related posts