Following a weekend bounce, the crypto market extended its recovery throughout the morning hours in Europe, with major cryptocurrencies increasing over the last 24 hours. Bitcoin and ether, the two most valuable cryptocurrencies in terms of market value, both gained 3%. According to some experts, the revelation of stronger-than-expected U.S. job statistics on Friday boosted market optimism, resulting in a rise in Bitcoin’s price.
Today, XRP, the coin associated with the US-based Fintech business Ripple, extended a week-long rise in the market that began when a judge in an ongoing legal fight between Ripple and the US Securities and Exchange Commission (SEC) made rulings perceived as favorable to Ripple.
XRP is up 3.56 percent in the last 24 hours and 49 percent in the last seven days as of Wednesday. The coin was trading at USD 0.8824 and is presently listed as the 6th most valuable cryptocurrency according to Coinmarketcap.
XRP’s recent gains have placed it among the top 7-day performers, with just a few altcoins from the top 100 doing better in the previous day. Positive fluctuations in XRP during the previous week were driven by new court orders in a case filed by the SEC against Ripple. According to the lawsuit, Ripple’s 2013 release of XRP currencies constituted an illegal and unregistered securities transaction.
The orders this time, ordered by judge Analisa Torres, granted Ripple permission to respond to an SEC memorandum of law, stating that the company had provided “good cause” to file a reply addressing the SEC’s concerns “for the first time.” Furthermore, the judge ruled that communications from Ripple’s co-founder and chairman Chris Larsen, as well as the company’s current CEO Brad Garlinghouse, should be made public.
The important takeaway from the recent orders, according to Jeremy Hogan, a partner at the legal firm Hogan & Hogan, is that Judge Torres is “getting ready to take over” and move the case ahead. The recent orders from Judge Torres follow allegations from last month that Ripple had won access to a contentious document featuring statements from an SEC official on whether or not Ethereum is a security.
The question of whether the SEC considers ETH to be a security is thought to have ramifications for the legal status of XRP.
