XRP is shrugging off its recent price woes with a double-digit rise Thursday.
The cryptocurrency was trading near $0.35 soon before press time, representing a nearly 50% gain on a 24-hour basis.
As a result, XRP‘s market capitalization has increased to $33.88 billion, moving it above litecoin as the fourth-largest cryptocurrency, according to CoinDesk 20 data. Other cryptocurrencies such as bitcoin, ether, and litecoin are also trading higher. Bitcoin rose to fresh record highs above $38,000 early today.
However, despite XRP’s bounce, prices are still down 57% from highs above $0.55 observed before the U.S. Securities and Exchange Commission filed a lawsuit against Ripple Labs, the San Francisco-based developer of the Ripple payment protocol and exchange network, for raising $1.3 billion over seven years from retail investors through its sales of XRP.
Announced on Dec. 22, the lawsuit brought an avalanche of
