XRP Price Explodes 40%. What’s Behind This Rally?

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Alex Dovb­nya

XRP has expe­ri­enced an explo­sive ral­ly that has been fueled by spec­u­la­tion sur­round­ing the high-stakes lawsuit 

The price of the XRP token kept march­ing high­er on Fri­day, peak­ing at $0.559 on the Binance exchange.

XRP
Image by tradingview.com

The Rip­ple-affil­i­at­ed cryp­tocur­ren­cy has soared by more than 40% over the past two days. With the most recent price uptick, XRP has now become the best-per­form­ing cryp­tocur­ren­cy with­in the top 100 on Coin­Makret­Cap over the past 24 hours.

Stel­lar (XLM) also man­aged to gain more than 13%, rid­ing on XRP’s coattails. 

The recent price ral­ly is most like­ly relat­ed to Rip­ple and the U.S. Secu­ri­ties and Exchange Com­mis­sion recent­ly fil­ing their motions for sum­ma­ry judgment.

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The mar­ket believes that the defen­dants could secure a favor­able court rul­ing after a gru­el­ing legal bat­tle that has now last­ed for almost 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 obtained court approval to file an ami­cus brief in the SEC v. Rip­ple case. The lob­by­ing group has high­light­ed the need for reg­u­la­to­ry clarity.

While recent devel­op­ments in the close­ly-watched case have con­tributed to a sig­nif­i­cant ral­ly, it should be not­ed that the XRP token is still down rough­ly 84% from its record high. 

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