- XRP has soared nearly 40%, outperforming the broader crypto market this week.
- Garlinghouse hinted at a possible resolution soon after a preliminary ruling.
- Next to XRP, other large-cap coins such as ICP and WIF have soared dramatically.
It was definitely a wild start to the week for the crypto market, but it was primarily bullish for Bitcoin (BTC) and many large-cap assets.
However, it wasn’t BTC, Ethereum (ETH), or some newly added memecoin exploding in price that took this week’s spotlight.
XRP At the Front of the Crypto Rally
Among the top gainers so far this week is XRP, which jumped almost 40% amid speculations of a potential settlement between Ripple Labs and the US Securities and Exchange Commission (SEC).
Below is a three-month chart highlighting the seemingly dead price action for XRP and the sudden price surge. The coin reached a high of US$0.6331 (AU$0.94), an increase of 36.9% on the weekly chart.
XRP’s rally intensified following rumours of a potential settlement with the SEC. Brad Garlinghouse, Ripple Labs CEO, refused to comment when asked about potential settlement talks with the regulator.
During an interview on Bloomberg Television, the CEO stated:
Suffice to say, that the ruling has been clear from the judge. We expect resolution very soon, but can’t predict when the judge will rule there.
Brad GarlinghouseSince 2020
Ripple Labs and the SEC have been fighting since 2020 when the regulator sued the company for selling unregistered securities.
The outcome of this case could have some interesting implications for the crypto industry. A Ripple loss would set a significant precedent for how similar digital assets might be treated under existing securities laws.
Further, an SEC victory could also trigger an overwhelming volatility injection into the market, causing XRP’s price to drop considerably.
However, it should be noted that XRP’s rally coincides with a rising market optimism fueled by a possible election of Donald Trump, which many market observers believe could potentially favour the crypto market and the messy regulatory landscape in the US.
Related: As Crypto Leaders Back Trump, Vitalik Buterin Urges Caution in Choosing Candidates for Their Crypto Views
Other Altcoins In the Green
Other large-cap currencies have recorded decent weekly gains. Arweave (AR) and Near Protocol (NEAR), two leading DePIN and AI crypto projects, have surged 34.1% and 33.6% weekly, respectively, putting them below XRP by a few points.
However, this week’s two biggest gainers were Internet Computer (ICP) and dogwifhat (WIF). Data from CoinGecko shows ICP has surged to US$10.11 (AU$15), a 39.1% increase, while WIF has surged to US$2.25, representing a change of 37.3%.
Related: Miles Deutscher Urges Attention to Altcoins, Says Market Will Reach New Highs Soon
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