Ethereum and other altcoins including Ripple, Stellar, and Tron have hit new highs following significant gains in the last 24 hours. XRP price has traded up by 23.61% in the past 24 hours to break past the $1.00 threshold, for the first time since 2018. However, XRP is currently trading around $0.9197 after sliding from an intraday high of $1.10 according to available data from CoinMarketCap.
XRP has made these impressive gains amid the ongoing lawsuit between Ripple Labs, its executives and the SEC. Although the case has been dragged for four months, the rally is huge news for Holders who have held on to the coin.
The SEC filed an action against Ripple Labs, Inc. and two of its executives Brad Garlinghouse and Chris Larsen for the sales of an unregistered token. The case has gone back and forth with Ripples still holding its ground that Ripple is not a security as declared by the SEC. In a recent interview, Brad Garlinghouse said he is optimistic about Gary Gensler as the incoming SEC chair.
XRP Price Among the Best Performers
Data from Coinmarketcap reveals that the market cap of all crypto assets has hit $2 trillion following the bullish run by altcoins. So far, XRP price has performed best having soared above 60% in the last 7 days. Ripple has now overtaken Cardano’s ADA and Polkadot’s DOT with its market cap is currently above $42 billion.
Bitcoin has only managed to trade within a small range – between $59,891 and $57,646 – in the last 24 hours. The flagship cryptocurrency continues to lose its dominance after dropping from 74% in January to 55% on Wednesday. However, most altcoins made double-digit gains in the last 24 hours amid the altcoin bullish run.