Bullish XRP jumped 40% on Saturday following an impressive week that saw the project climb over 135% to reclaim a three year high.
XRP has had a phenomenal week as it continues to see bullish price action over the weekend. The cryptocurrency has had its fair share of negativity over the past months. However the current sentiment surrounding the project appears to be shifting towards a more positive outlook.
XRP saw its sixth straight day of gains as it jumped 40%. The price of XRP climbed from $1 up to $1.40 as the project continues to break out from its multi year lows. The past week has seen XRP rally over 135%. Sending XRP back into the top five.
SEC charges not affecting price
The price of XRP has been negatively affected by an ongoing row with the The U.S. Securities and Exchange Commission (SEC). The SEC had previously filed charges against
Ripple Labs Inc. and its top two executives. The charges related to the $1.3 billion sale of unregistered securities in the form of XRP.
The ongoing legal battle is still underway. With Ripple having been delisted on several exchanges in an attempt to protect themselves from legal headaches from the SEC. The charges also saw Ripple Labs fall out with popular money transfer company Moneygram.
It now appears Ripple Lab’s fightback against the SEC may be paying off. The XRP token has seen a dramatic turnaround from nearly falling out of the top ten, to reclaiming its fifth spot on the top cryptocurrencies list.
Market bullish on XRP
The current sentiment around XRP remains bullish as traders continue to long the cryptocurrency. While XRP still has a long way to go in order to reach its previous all-time high of $3, the project has seen an incredible resurgence. The latest price sees the project tap a new three year high, last seen following the 2017 cryptocurrency bull run.
XRP could possibly see more upside potential over the course of the next few days as traders pile their longs into the cryptocurrency.