XRP Climbs 50% Amid SEC Case Developments and Seesaw Protocol (SSW) Presale Up 600%
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There are over 17,000 cryptocurrencies listed on CoinMarketCap, and almost all of the major projects have enjoyed a good start to February. Every coin in the top 10 by market capitalisation is up by more than 10% in the last week. The market-leading duo of Bitcoin (BTC) and Ethereum (ETH) have increased by 21% and 24% respectively. Given that the two major cryptocurrencies have a 60% dominance of the crypto sphere, the rest of the market tends to follow the pattern set by BTC and ETH.
Ripple (XRP) is ranked 6th and has a market cap of north of USD 40 billion. It has not always followed the patterns of the market, but for several reasons, it is experiencing substantial growth. Seesaw Protocol (SSW), which is yet to be launched but has started its presale, is outperforming almost every leading cryptocurrency.
Ripple and its native token XRP have had a tumultuous time since being taken to court by the Securities and Exchange Commission (SEC) in December 2020. Almost every notable cryptocurrency reached new all-time highs in 2021, and although there were some short-lived price increases, XRP’s peak remains USD 3.84 from January 2018.
Over the last 7 days, XRP has joined the rest of the market in a large upward trend. Between the 3rd and the 9th of February XRP rose 55%. This was due to developments in the Ripple v SEC case. US District Judge Analisa Torres leaned in favour of Ripple when it came to a series of disputed sealed documents. Judge Torres ruled that the documents, that concern whether or not XRP was issued and sold as an unregistered security and form the crux of the SEC’s case, should be opened.
General Counsel for Ripple, Stuart
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