The XRP price’s spike occurred as Ripple founder Brad Garlinghouse claimed his company’s ongoing battle against the Securities and Exchange Commission’s lawsuit was proceeding “much better than expected.”
In the last 24 hours, XRP and dogecoin (DOGE) have gained more than 6% as separate catalysts fueled buying of the two currencies amid a weakened crypto market.
The entire capitalization of the crypto market fell by 2.8% to $1.87 trillion. Bitcoin’s dominance ratio – its percentage of the total crypto market value – fell 0.3 percentage points to 40.7%.
The spike occurred as Ripple founder Brad Garlinghouse said Thursday that the payments token’s ongoing defense against a lawsuit brought by the US Securities and Exchange Commission is proceeding “much better than expected.”
Ripple, which uses XRP in its payments network, refutes the SEC’s claim that the XRP coin was issued and offered to American investors as an unregistered securities.
XRP broke above resistance at $0.75, reaching as high as $0.80 before returning marginally. If the current buying power persists, the tokens may be able to reclaim $0.82 and higher levels.
Positive outcomes have historically resulted in a spike in XRP prices, as investors view the conclusion of a judicial case as a bullish indicator in general. In February, for example, XRP jumped 22% after it was decided that significant documents relating to the case will be disclosed.
Meanwhile, DOGE’s surge coincided with Tesla CEO Elon Musk’s plan to buy out the whole Twitter social media platform. Musk owns 9.2% of Twitter and has proposed to take the company private for $54.20 a share.
DOGE surged to a resistance level of 15 cents on Friday morning, up from $0.13 on Thursday, according to price data. DOGE’s current price movement could see it maintain a broader rally that began in March, when prices jumped from $0.11.
Musk’s possible engagement with Twitter has nothing to do with dogecoin. However, other observers believe Musk, who has publicly promoted dogecoin’s growth and development, may integrate the currency into Twitter in some manner.
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