XRP is up 10% in an hour.
XRP has rallied close to the $0.50 zone amidst an increase in investor interest, as numerous top entities declare support for Ripple in its legal tussle with the SEC.
XRP – Ripple’s native token – continues benefiting from the positive outlook influenced by the favorable turn of events in Ripple’s battle with the U.S. Securities and Exchange Commission (SEC). Amidst an increase in amicus briefs supporting Ripple, XRP has staged a rally to eclipse the $0.50 resistance level.
Despite the prevalent bear market, XRP began November on propitious grounds since it had been consolidating below the $0.49 mark since October 19. The asset had held its own above the support at $0.45, only falling below it on rare occasions before summarily bouncing back up. Notwithstanding, since mid-October, XRP had not claimed $0.49 until recently.
As reports of numerous amicus briefs in support of Ripple against the SEC gained momentum, the asset staged a massive comeback against the bears, as it surged above $0.50 on Friday before summarily facing a sharp rejection that knocked it off the level.
Despite the intense resistance, XRP’s resilience sustained the asset’s value at the $0.49 territory, as it anticipated another leg-up to retest the resistance at $0.50. The asset has again soared above the 50-cent zone, changing hands at $0.502 as of press time.
With a sudden increase of 10.07% in an hour, XRP remains the second highest-gaining asset on the top 40 lists of cryptocurrencies within the timeframe, only behind Polygon (MATIC) with a 24-hour gain of 14%.
Due to this recently-engineered rally, XRP’s market capitalization surged from $22.5B at 6 AM to $25B at 11 AM, marking a 9% increase in 5 hours. This recent increase further solidified XRP’s position as the 6th largest mainstream asset by valuation.
XRP’s recent price movement indicates a massive rise in investor interest as demand pumps into the asset due to the favorable turn of events in the SEC litigation. The Crypto Basic recently compiled a list of up to 12 entities that have filed amicus briefs in support of Ripple.
Some of these amicus curiae include top entities such as the Chamber of Digital Commerce, Blockchain Association, I-Remit, TrapJets, and America’s largest exchange Coinbase, among others.
Speaking on the surge in amicus briefs, Ripple’s CEO, Brad Garlinghouse, highlighted the unprecedented nature of the recent pattern, noting that it underscores the potential economic damaging effects of a final resolution in favor of the SEC.
Additionally, General Counsel at Ripple, Stuart Alderoty, recently asserted that the numerous amicus briefs supporting Ripple indicate how “dangerously wrong” the SEC is in its decision to label XRP unregistered security. Alderoty also criticized the SEC for requesting a time extension to reply to the amicus briefs.
Meanwhile, Canadian exchange Newton Crypto recently became the first exchange for relisting XRP.