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.
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.
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.