According to CoinMarketCap, XRP and Terra (LUNA) are outperforming the rest of the top 10 largest cryptocurrencies by market capitalization in weekly gains. Bitcoin and the majority of altcoins had weekly gains following days of lackluster trading. At the time of writing, XRP and Terra (LUNA) were posting weekly gains of 4.13% and 12.43%.
XRP ended up among the weekly leaders following positive sentiment around the ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). In positive developments over the weekend, Judge Analisa Torres denied the SEC's motion to strike Ripple's make-it-or-break-it "fair notice" defense. The court also denied Ripple CEO Brad Garlinghouse's and co-founder Chris Larsen's twin motions to dismiss the lawsuit against them.
Recent updates in the Ripple-SEC lawsuit
In fresh developments in the XRP lawsuit posted by defense lawyer James. K.Filan, the court has ordered Ripple defendants Brad Garlinghouse and Chris Larsen and the SEC to meet and confer to determine what additional discovery, if any, is necessary and file a joint letter by March 23, 2022. The duo is to inform the court of any additional discovery they intend to seek and a schedule for that discovery.
As reported by U.Today, the U.S. Securities and Exchange Commission has filed a motion for an extension of time. The plaintiff has told Magistrate Judge Sarah Netburn that the defendants have agreed to the request, which means that the motion is very likely to be greenlit by the court. The agency needs an extension to file its response to Ripple's recently filed motion to strike a supplemental expert report.
The gains for LUNA are likely due to strong demand for sister token TerraUSD (UST), an algorithmic stablecoin pegged to the U.S. dollar.
According to WhaleStats data, over 42 million Terra (UST) has been grabbed by the top ETH whales over the last 24 hours. During periods of volatility and macro dips in the cryptocurrency market, large investors tend to shift their attention to less volatile crypto-assets such as stablecoins.
Meanwhile, Terra's LUNA has steadily risen in market value to become the seventh-largest cryptocurrency, trading at $91.65 at press time.