XRP, a cryptocurrency originally launched by the founders of crypto payments company Ripple, jumped 11% early Friday morning following a strong week of gains—and hope from investors that the SEC’s lawsuit against Ripple may be coming to an end.
Trading today for XRP has since cooled a bit, now up 3% on the day. But that's still enough for a sharp rise of 44% over the past seven days, now back in the top six coins by market cap, despite a general crypto market slump. Bitcoin is back under $19,000, while Ethereum is down another 12.8% amidst its post-merge selloff.
The price pump for XRP follows news earlier this week that both Ripple and the SEC have filed motions for summary judgment in the $1.3 billion lawsuit, each seeking to dismiss the lawsuit before trial and asking the judge to rule in their favor. The SEC filed charges against Ripple in December 2020 for allegedly conducting an unregistered securities sale when it sold XRP.
In a memorandum accompanying its filing, Ripple...
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