As the crypto market experienced a downward trend at the beginning of the week, XRP has emerged as a standout performer, making strides towards reclaiming its yearly high.
The digital asset’s 6.2% surge in the past 24 hours has garnered attention, especially in the wake of further developments in the ongoing case between Ripple and the US Securities and Exchange Commission (SEC).
While most of the top 25 cryptocurrencies struggled to gain traction, XRP and Stellar (XLM) showed remarkable resilience with gains exceeding 6% and 9.6% respectively.
Currently trading at $0.78, XRP’s price surge was triggered by the recent landmark court ruling in Ripple’s favor, which partially rejected the SEC’s claims that XRP is a security.
Last week, Ripple scored a significant legal victory when the court ruled against the SEC’s argument regarding XRP’s classification as a security.
This favorable verdict has propelled XRP’s price upwards, resulting in almost 65% gains over the week.
On Monday, Judge Analisa Torres referred the case to District Magistrate Judge Sarah Netburn for general pretrial proceedings.
This development includes addressing pretrial motions, discovery disputes, and overseeing settlement conferences. The news of a possible settlement conference raised hopes that the risk of an appeal by the SEC might be reduced.
