The price of XRP has shot up 11.5% overnight, making it the best-performing cryptocurrency in the top ten.

At the time of writing, the fifth biggest cryptocurrency was last trading hands for $0.71, according to CoinGecko. Stepping back, and the picture is even more bullish, with XRP jumping 24% over the past week

What Is XRP? The Cryptocurrency Created by Ripple Founders

Earn a free on-chain NFT by taking our free course, Crypto Investing: Fundamentals First.  Decrypt will cover gas fees for the first 10,000 mints! XRP has soared in the weeks following he U.S. Securities and Exchange Commission's decision to drop its suit against Ripple in October 2023. The investment watchdog organization had charged the Ripple Chief Executive Brad Garlinghouse and co-founder Chris Larsen in 2020 with an unregistered sales of securities, in the form of $1.3 billion in XRP. Ripp...

Investors may be feeling more bullish after Ripple received approval for use within the Dubai International Financial Centre (DIFC) from the Dubai Financial Services Authority (DFSA)—allowing over 4,300 DIFC companies to integrate XRP into their operations.

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XRP on a roll

The asset has been on a roll lately: back in July, a federal district judge partially sided with the asset and the fintech firm entrenched with it—Ripple Labs—in a lawsuit.

It came after the U.S. Securities and Exchange Commission (SEC) hit Ripple with a $1.3 billion lawsuit in 2020, alleging that it had misled investors and sold unregistered securities in the form of XRP tokens.

Ripple’s Win Over SEC Gave XRP a Massive Boost—That’s All Gone Now

The price of Ripple (XRP) exploded back in July after an American judge ruled that the asset was not a security in certain cases. It has now erased those gains and is currently one of the worst-performing cryptocurrencies over the past week. XRP at the time of writing was trading for $0.48, according to CoinGecko. That's a 8% drop in value in seven days. The asset boomed following the court ruling and touched as high as $.0.82. Institutional investors plugged cash into the asset and Ripple's Gen...

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2 min read
Mat Di Salvo

But the judge in July said that while $728 million worth of contracts for institutional sales did constitute unregistered securities sales, programmatic sales of XRP to retail investors did not. Investors interpreted the ruling as positive and the price of the asset exploded, hitting $0.82.

XRP's price has dipped some since then but the asset is up over 45% year-to-date.

The rest of the crypto market has also been making gains—albeit small ones.

Bitcoin, the largest digital asset by market cap, is up 0.5% in the past day, trading hands for $35,095. While Ethereum is up 1.5%, priced at $1,904.

Edited by Liam Kelly. 

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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