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XRP outperforms the top 20 cryptocurrencies by market cap.
XRP at press time is up about 15.98% in the last 24 hours, trading at the $0.3784 price point, according to data from CoinMarketCap.
Notably, XRP has also seen a 15.55% boost in its market cap, which sits at $18.9 billion, and a 57.72% boost in its 24-hour trading volume, which sits at $2.37 billion. As a result, it is the highest gainer among the top 20 crypto assets by market cap.
While the reasons for the double-digit percentage surge in its price as the crypto market rallies are unclear, it is worth noting that a rumor of a settlement in the Securities and Exchange Commission case against Ripple made the rounds yesterday.
“HARD MONEY” show host Natalie Brunell claimed on FOX Business on Monday that the SEC and Ripple were planning to settle today. However, FOX Business journalist Eleanor Terret who conferred with a Ripple spokesperson, debunked the story as false, as reported by The Crypto Basic.
Notably, pro-Ripple lawyer and host of Legal Briefs on Youtube Jeremy Hogan speculates that FOX may have reached this conclusion based on his previous statements to the outlet. Hogan says he had told the outlet that September 15 to November 15 would be the most likely time for a settlement if it would happen. However, the attorney believes the media house may have misunderstood him.
Hogan, making light of the blunder by the news outlet, said if he knew the settlement date, he would be in the Bahamas trying to acquire Sam Bankman-Fried’s compound.
It is worth noting that the phrase “Ripple and XRP” has been trending today, at one point topping Twitter trends with 5,387 tweets.
The price target of the current rally is unknown, but it is likely to face resistance at the $0.41 price point.
Ripple, the creator of the XRP Ledger, with XRP as its native token, has been locked in a legal battle with the US SEC since December 2020. Pundits believe that a favorable outcome for the crypto payments company will lead to a significant boost in the XRP price, which took a considerable beating after the regulators slapped Ripple with the lawsuit, as it will again allow US exchanges to list the token freely.