In a major price reversal, Ripple’s XRP has crossed $0.70 levels giving its highest weekly close in three years. In the last 24-hours, the XRP price has surged 17% moving past $0.70 levels with its trading volume shooting 43.54% to $8.8 billion during the same period.
Interestingly, XRP price has surged for the first time after the U.S. SEC slapped a lawsuit on the blockchain startup for the alleged sale of its XRP securities illegally. While Ripple continues to fight the regulator in court, XRP investors have moved past the allegation and willing to participate in the broader crypto market rally.
The last time the XRP price was seen above $0.70 was in November 2020. However, it headed south since then and after the SEC lawsuit in late December 2020, things went completely spiraling downwards. Several of Ripple’s partners started distancing themselves from the blockchain startup to avoid any scrutiny from the SEC.
However, Ripple has claimed no wrongdoing in the matter and continues to hold its ground. The blockchain startup continues to expand its presence in the Asian market. Recently, Ripple acquired 40% in Malaysia-based FinTech startup Tranglo to boost fast and efficient payment solutions in the region. As per the technical indicators, XRP has moved past crucial resistance and is on its way north.
— Credible Crypto (@CredibleCrypto) April 4, 2021
XRP Joins the Altcoin Party
Although late, XRP has finally managed to join the altcoin party. The altcoin space has been bustling over the last week with many new entrants in the top-ten crypto space, the recent being BitTorrent (BTT).
Over the last week, the over altcoin market cap has surged 15% or by an additional $120 billion. Altcoins have been increasing their dominance in the crypto space and contribute to nearly 44% of the overall cryptocurrency market cap.
Over the weekend, Ethereum surged to its all-time high above $2100. Apart from XRP other top altcoins with over 20% over the last week are Binance Coin (BNB), Polkadot, Filecoin (FIL), and BitTorrent (BTT).