XRP Price Reaches the Highest Level in 3 Years
This was a big week for XRP. The trading week kicked off with a 27% increase in just 24 hours for XRP. The price rose after Ripple acquired a 40% stake in Tranglo, one of Asia’s largest cross-border payment firms.
On Monday, XRP hit its highest price since May 2018 making XRP the 7th largest cryptocurrency in the world.
However, XRP Soars 38% After Key Legal Wins
Fast forward to the end of the week, and we saw XRP surge 38% in 24 hours following some key legal rulings.
The price jump, more than 110% over the last week so far, follow Ripple’s important wins by its legal team after a federal judge ruled that Ripple’s CEO Brad Garlinghouse and former CEO Chris Larsen do not have to provide their personal financial records to the Securities and Exchange Commission (SEC).
The United States District Court Judge Sarah Netburn, of the Southern District of New York, also ruled that the SEC’s requests for the records were not “relevant or proportional to the needs of the case.”
The legal rulings inspired a wave of investor confidence fueling a price surge in XRP which as of Sunday, makes it the 4th largest cryptocurrency behind only BTC, ETH and BNB.