For the first time since 2018, XRP, the native cryptocurrency of the XRP Ledger, broke above $3 and logged a stellar 13% spike to outperform crypto king Bitcoin in the 24-hour rally.
On the back of a 32% surge in the last seven days, XRP has outperformed many other major altcoins in the past day, surpassing the gains recorded by Ethereum (ETH), Solana (SOL), and Cardano (ADA).
$XRP Army Reacts to Milestone
The XRP Army, the community behind the world’s current third-largest crypto by market cap, couldn’t be happier, especially those who held on despite doubts and the many lows the token suffered since the U.S. Securities and Exchange Commission (SEC) slapped a lawsuit against Ripple late in 2020.
“Last time things were this bullish a lawsuit came out of nowhere and ruined retail investors ‘in the name of defending retail.’ Cheers to those who suffered through that whole ordeal. Such valuable lessons,” said one holder.
“It was only a matter of time,” said another XRP holder, while one expects the token to continue surging until it hits its all-time high of $3.40, which was recorded way back in January 2018.
Notably, the surge came after the SEC filed an appeal to a 2023 ruling in its case against Ripple, the largest corporate holder of XRP.
$XRP Ignores SEC Appeal
The Wall Street regulator officially filed an appeal to a 2023 ruling that concluded the XRP crypto asset is not a security when offered on exchanges.
In its 109-page filing, the SEC asked the appeals court to “vacate the district court’s erroneous rulings and order summary judgment for the Commission with respect to defendants’ offers and sales of XRP to retail investors and Ripple’s offers and sales of XRP for which Ripple received non-cash consideration.”
Ripple’s Chief Legal Officer Stuart Alderoty blasted the filing as “a rehash of already failed arguments – and likely to be abandoned by the next administration.”
Long-time XRP holder Sir Beef said the appeal filing is “the old guard’s last pathetic attempt before fading off into irrelevancy forever,” referring to SEC Chair Gary Gensler, who will resign officially on Jan. 20, during President Donald Trump’s inauguration.
Even after news of the filing came about, XRP continued to soar and at one point hit $3.18 Wednesday night, suggesting it may have overcome the “reactionary” periods it went through whenever the SEC made a move on Ripple in the past.
XRP has had many ups and downs over the years, but its late 2024 performance and current price movement have been nothing but stellar. In the last 24 hours alone, trading volume around the altcoin was at $25 billion, representing a staggering 126% spike from a day earlier.
The post $XRP Shakes Off SEC Ripple Appeal, Tops $3 For The First Time In 7 Years appeared first on International Business Times.
