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%.

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.

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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.