XRP’s Price Up Slightly Following SEC Lawsuit Updates

Ripple (XRP) is up 3+% against the U.S. dollar over the last 24 hours according to CoinMarketCap. However, the coin’s strength against the largest crypto coins by market cap, Bitcoin (BTC) and Ethereum (ETH), has weakened slightly. XRP is down just over 1% against BTC and around 2.2% against ETH.

Currently ranked number 8 in terms of market cap, XRP experienced a near 50% increase in trading volume in the last 24 hours, with its 24-hour trading volume currently standing at $2,208,529,055 – approximately worth 3,213,819,315 XRP. The market cap of the coin also stands at $33,057,803,960 which is a 3.39% increase.

The 3+% rise in XRP’s price is still overshadowed by its dismal weekly performance from last week where its price dropped by just over 10%. The price of XRP currently stands at $0.686.

The drop-in price last week was mainly due to the community reacting negatively to news that the end date of the multi-year lawsuit between Ripple and SEC could potentially be pushed to the end of 2022. The XRP community has been long awaiting the outcome of the lawsuit, as a win would also be in favor of the larger crypto community.

However, news yesterday that Ripple and SEC have mutually agreed to push the end date for the lawsuit has been met with some level of optimism by XRP holders. However, the poor weekly performance of the coin over the last week suggests that the majority of the community would just like the lawsuit to come to an end.