According to CoinMarektCap, the Ripple-affiliated cryptocurrency XRP has eclipsed Cardano and Solana to become the sixth-largest cryptocurrency by market capitalization.
Over the last 24 hours, the cryptocurrency has gained 20%, beating all other major cryptocurrencies.
Despite the recent market sell-off and the uncertainty surrounding Ripple’s legal dispute with the US Securities and Exchange Commission. Then, XRP is up 5% this year.
Charles Gasparino of Fox Business recently tweeted that the lawsuit was expected to drag on well into the summer. He went on to say that the Biden administration’s executive order on cryptocurrencies might tip the scales in favor of the SEC by
“potentially” designating the contentious token as an unregistered security.
The expert discovery process get recent recently
extended to Feb. 28 at the request of both parties. Additional depositions have been possible as a result of the delay. Stuart Alderoty, the general counsel at Ripple. Of course, recently encouraged the SEC to move the Ripple lawsuit along as quickly as feasible.
Ripple CEO Brad Garlinghouse and co-founder Chris Larsen’s simultaneous applications to dismiss the lawsuit have yet to be decided by US District Judge Analisa Torres. In addition, the court has yet to rule on the SEC’s move to dismiss the defendants’ important “fair notice” claim. In order to bolster its efforts, the regulator has filed two letters of supplementary authority.
Due to the lawsuit against Ripple, XRP fell 70% in December 2020. Thereby, prompting exchanges to cease trading in the United States. Despite its recovery, the token remains one of the few major coins to have failed to set a new all-time high during the most recent bull cycle.
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