The crypto ecosystem is experiencing a modest bullish resurgence today with a combined market capitalization up 0.24% at $813.29 billion. Of the top 10 cryptocurrencies, XRP is standing out in terms of its growth track and trading volume over the past 24 hours.
The coin is leading the pack and is currently changing hands at $0.3677, up 4.93% over the past 24 hours, according to data from CoinMarketCap. Unlike Bitcoin (BTC) and Ethereum (ETH), with a weekly upshot of 0.40% and 1.40% respectively, XRP is up by 7.13% within the same time span.
The coin’s metrics are up in unison as its 24-hour trading volume went up by 143.81% to $947.9 million. Its figures back its seven-day high of $0.3691 as it leads the altcoin’s growth today.
XRP is beaten but not battered
XRP has had a rather tumultuous year, particularly with the fact that it was at the center of the legal brawl between its affiliated blockchain payments firm, Ripple Labs Inc, and the United States Securities and Exchange Commission (SEC).
While the regulator alleged that Ripple sold the XRP coin as an unregistered security in the $1.3 billion lawsuit filed in December 2020, the company is arguing that its use of the cryptocurrency is as a payment token.
At the moment, XRP holders and investors are generally unfazed by the ongoing lawsuit. This is because many experts believe Ripple is on track to get a favorable verdict as the key timelines in the case show the end is in sight. The community’s commitment was, however, tested over the past few days by the spat between Ripple CTO David Schwartz and self-proclaimed Bitcoin inventor Craig Wright.
As U.Today reported earlier, Wright called XRP “the most useless pump and dump scheme” in the blockchain space. This comment is capable of derailing the growth momentum of the digital currency, and its growth can be likened to the XRP community’s way of saying the coin is not a pump-and-dump token as alleged.