XRP has managed to break $1 as its dizzying rally continues, with the altcoin surging up the rankings once again after prices rose by 73.3% in seven days.
The cryptocurrency had long been firmly in the No. 3 spot, behind Bitcoin and Ether, but had started to lose clout as Tether gained popularity — with a lawsuit unveiled against Ripple by the SEC causing XRP to crash late last year.
But now, it seems like this digital asset is beginning to get its groove back. XRP has once again overtaken the likes of Cardano and Polkadot, racing to the No. 4 spot with a market cap of $44 billion after managing to surpass Tether.
At one point, XRP reached highs of $1.12, but has cooled by 13.4% at the time of writing to $0.97.
A Breakthrough for Ripple?
The double-digit gains coincided with a breakthrough for Ripple in its ongoing legal battle with the SEC.
Ripple Labs has now been granted access to documents that express the commission’s interpretation and views on crypto assets.
Matthew Solomon, representing Ripple CEO Brad Garlinghouse, had claimed that was essential so it could mount a defense — and said that, if information is uncovered that suggests the SEC thought XRP was comparable to Bitcoin or Ether, it could be “game over” for the whole case.
The SEC’s counsel had accused the defendants of trying to put the commission on trial by focusing on its procedures rather than Ripple’s alleged unlawful conduct, Law360 reported.
According to the commission, Ripple violated securities laws by failing to register the sale of 14.6 billion XRP tokens — noting that $1.38 billion was raised “to fund Ripple’s operations and enrich” Brad Garlinghouse and Christian Larsen. It’s claimed that both men personally profited to the tune of $600 million.