Here’s why the XRP price is rising despite a struggling crypto market

Ripple’s native token, the XRP price has jumped by more than 8% in the last 24 hours. This recent jump has helped the token emerge as one of the top gainers in the past day.

XRP price stays strong while BTC falls

The global crypto market registered a marginal fall in the last 24 hours. The cumulative market value of digital assets remains below $1 trillion. Major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) prices have fallen by more than 6% and 17% in the last 7 days.

John Deaton, Amicus Curiae in the SEC Vs Ripple lawsuit struck down the commission by dividing XRP price rise amid weak investor sentiment. He mentioned that the XRP price went up by 10%, and LBC jumped by 11%. While the DRGN price rose by 5%. Deaton highlighted that all of these symbols are implied by the SEC.

However, positive sentiment has been building for XRP as the legal battle between Ripple and the SEC has reached the summary stage.

Ripple Lawsuit Enters Summary Judgment Phase

Coingape reported that District Judge Torres approved the proposed joint planning proposal from both parties. However, the upcoming hearing on 19 September 2022 will be decisive for the process going forward. Plaintiff and Defendant will submit the redacted version of the briefs.

Attorney James Filan mentioned that the public will not get a chance to see the actual affidavits and exhibits as of now.

The XRP price has risen by more than 7% in the last 7 days. The latter has helped the token recover a bit from the recent damage. XRP is trading at an average price of $0.3739, at press time. However, it is still trading at 55% from the annual price.

XRP’s 24-hour trading volume has increased by 39% to $1.66 billion. While it still has a total market cap of $18.7 billion amid the crypto downturn. Meanwhile, the protracted legal battle between the SEC and Ripple has hindered XRP price growth.

Ashish believes in decentralization and has a keen interest in developing Blockchain technology, Cryptocurrency ecosystem and NFTs. He aims to create awareness of the growing crypto industry through his writing and analysis. When he’s not writing, he’s playing video games, watching a thriller or doing outdoor sports. Reach me at [email protected]

The content presented may include the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication bears no responsibility for your personal financial loss.