Why XRP Values Is Surging Notwithstanding Stressed Crypto Market

Ripple’s native token, XRP price has surged by more than 8% over the past 24 hours. It has become one of the top gainers over the past day. XRP rise comes amidst the tanking of prices of BTC as well as ETH.

XRP Values Surge As BTC Prices Tanks

The global crypto sector has fallen slightly and the cumulative digital sector market cap is still below the $12 trillion mark. The biggest cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) prices have dropped by more than 6% and 17% in the past 7 days.

John Deaton, Amicus Curiae in the SEC Vs Ripple lawsuit derided the commission and shared the rising the XRP price surge amid weak investors’ sentiments. Detailing the price rise he said that that XRP price surged by 10%, and LBC by 11%. While DRGN price rose by 5%. Deaton emphasized that all these tokens are implicated by the SEC.

XRP has found unusual support in its legal wrangling with SEC and its legal battle has reached the Summary Judgement phase. It is reported that District Judge Torres approved the proposed combined scheduling proposal by both parties. The forthcoming hearing which is going to happen on September 19, 2022 will decide the future course of the case. It will envisage Plaintiff and defendants will submit the redacted version of the briefs.

Well known attorney James Filan reported that the public will not get an opportunity to see the actual declarations and exhibits as of now.

In the past one week the prices of XRP has surged by more than 7% and the token was changing hands at an average price of $0.3739, at the press time. However, it is still trading down by 55% from its year to day price. In the past one day the trading volume has surged by 39% and when reports last came in stand at $1.66 billion. XRP holds a total market cap of $18.7 billion amid the crypto downturn. In the meantime, the overextended legal battle between the SEC and Ripple has delayed the XRP price growth