While the Ripple Corporation and their legal representatives continue to fight the SEC lawyers, the asset has been subjected to a fiery price climb over the weekend despite on-going legal proceedings. The weekend represents a climb for most of the crypto market with XRP leading the charge, gaining 30% daily with the price increase occurring as legal victories and speculation led to the relisting of the asset amongst popular exchanges.
When observing the top tier coins on the crypto markets, the price to buy Bitcoin (BTC) and Ethereum (ETH) are up in tandam rising 2.7% and 3.4% respectively, meanwhile XRP rose to $1.36 on the day before dropping to $1.32 at the time of publication.
XRP is now currently sporting a 111% increase in the week and 544% throughout the year so far. The recent pump has also led to the ascendance of the coin back well into the top ten cryptocurrencies according to market capitalisation and is currently ranked forth, only beaten by Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB).
The rally has come with the submission of a SEC complaint, stating that XRP’s $1.3 billion Initial coin offering failed to register as a securities sale as characteristics of the offering have been determined. Due to this decision by the SEC, the coins market capitalisation was slashed, its value fell to almost a third of its initial valuation and almost dropped out of the top 10 coins by market capitalisation as many exchanges rapidly removed markets for the coin.
Ripple legal representatives have attained two legal victories in their battle with the SEC, including gaining access to internal SEC correspondence records on cryptocurrencies. A court also denied the SEC permission to reveal the financial records of two Ripple executives.
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