It is no longer news in the market anymore that the native coin of Ripple, XRP has gained ground to become one of the most performing coins in the last few weeks. Some days ago, traders in the crypto community celebrated the asset touching $1 with on-chain analysis backing the coin up.
With that said, the digital asset has successfully made its way close to the $1.40 price mark. The asset saw this jump in the late hour of yesterday to record a massive 30% growth which brought it close to $1.30 before the bulls took it up a notch to bring it to the price region that it is occupying at the moment.
XRP now worth twice the price that it was before the lawsuit
The rise of the asset has happened despite all things going against the remittance coin company, Ripple in their latest legal battle against the United States Securities and Exchange Commission. A look at the lawsuit that has been fought between the two parties since last year showed that the SEC accused the payments company of hosting and selling unregistered securities worth a figure around $1.3 million.
Even though the firm has claimed since then that the asset cannot be classified as securities, the SEC is still holding on to their version that they believe is the truth. In that stead, Ripple has voiced out its displeasure at the way the regulator is regarding their asset by not placing it in the same category with leading digital asset Bitcoin or the second coin, Ethereum.
After the announcement, the coin saw a massive sell-off that saw the price crash mightily from a price above $0.50 to a region close to $0.20. To further dampen the morale of the coin and push the bulls out, various crypto exchanges started to either suspend trades of the digital asset on their platforms or delist it completely until the legal battle is over.
Ripple now the fourth digital asset by market cap
Despite the lawsuit still very much okay, XRP has defied the odds and now goes on sale for more than double the price that it used to be before the lawsuit. The digital asset has also climbed up to fourth on the list of digital assets in the sector after seeing its market cap soar to a region around $57 billion.
As per data taken from CoinMarketCap, the digital asset is now only behind the famous trio, Bitcoin, Binance Coin, and Ethereum in no particular order. The recent rally in the price of the asset is coming off the back of a very encouraging performance by assets in the crypto market with Ethereum smashing a record while Bitcoin just touched a price above the previous resistance at $60,000.
The performance is also coming after the lawyers of the Fintech company argued to stroke the motion by the US SECs lawyers. The SEC lawyers issued a subpoena which would allow them to look at the financial records of both the CEO of the company, Brad Garlinghouse, and the co-founder, Chris Larsen.
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