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XRP breaks above $1, retaking 4th place among top cryptos XRP breaks above $1, retaking 4th place among top cryptos

XRP breaks above $1, retaking 4th place among top cryptos

The price of Ripple's XRP token has surged by over 80% over the past week, reinvigorating bullish sentiments across the board.

XRP breaks above $1, retaking 4th place among top cryptos

Cover art/illustration via CryptoSlate

Despite the ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), the price of Rippleโ€™s XRP token has nearly doubled in the last 24 hours, reaching over $1.

At press time, XRP is trading at around $1.05, up 48.8% on the day.

XRP Price
Source: XRPUSD Chart on TradingView

The tokenโ€™s weekly gains are even more impressive, clocking at +85.3% over the past seven days. At the same time, the latest surge has pushed XRPโ€™s market capitalizationโ€”the total worth of all circulating tokens at current pricesโ€”to more than $47.7 billion, making it the fourth-largest cryptocurrency yet again.

Notably, this is the first time XRP has broken above $1 since March 2018, and the overall bullishness suggests its all-time high of nearly $4 is could yet again on the horizon, Konstantin Anissimov, executive director of crypto exchange CEX.IO, told CryptoSlate.

He noted:

โ€œAt current valuations, the cryptocurrency is on track not just to reclaim top stop amidst the major cryptocurrencies, but is also pushing to break its all-time high (ATH) record of $3.84 set more than three years ago.”

The tide is turning

Anissimov also pointed out that the positivity around XRP was further reinforced by Ripple pushing for โ€œnew frontiers through partnerships to drive its cross-border payments business out of the United States of America.โ€

As CryptoSlate reported, the SEC has filed a $1.3 billion lawsuit against Ripple Labs and its executives last December, alleging that token sales conducted since 2013 couldโ€™ve been illegal. This resulted in the tokenโ€™s price plummeting as numerous crypto exchanges, including Coinbase, Crypto.com, eToro, and others, suspended the trading of XRP or outright delisted it.

Recently, however, one of the SECโ€™s lawyers reportedly implied that crypto exchanges and regular users can safely trade XRP without violating any of the regulatorโ€™s guidelines.

Last week, a group of XRP holders was also granted its request for a motion to intervene in the SEC v. Ripple case, which further reinforced bullish sentiments around the token.

Posted In: , Price Watch, Trading