XRP price explodes by 40%. What is behind this rally?

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Alex Dovbnya

XRP had an explosive rally that was fueled by speculation surrounding the high-stakes lawsuit

The price of the XRP token continued to climb on Friday, peaking at $0.559 on the Binance exchange.

XRP
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The Ripple-affiliated cryptocurrency has soared over 40% in the past two days. With the latest price surge, XRP has now become the top 100 performing cryptocurrency on CoinMakretCap in the past 24 hours.

Stellar (XLM) also managed to gain over 13%, following in the footsteps of XRP.

The recent price surge is most likely related to the fact that Ripple and the United States Securities and Exchange Commission recently filed their motions for summary judgment.

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The market believes the defendants could get a favorable court ruling after a grueling legal battle that has now lasted nearly two years.

The outcome of the high-stakes lawsuit will have major implications for the entire cryptocurrency industry.

As reported by U.Today, the Chamber of Digital Commerce (CDC), a cryptocurrency lobby group, recently won court approval to file an amicus brief in SEC v. Ripple. The lobby group stressed the need for regulatory clarity.

While recent developments in the closely watched case have contributed to a significant rally, it should be noted that the XRP token is still down around 84% from its all-time high.

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