The price of $XRP, the native token of the XRP Ledger, has been bucking a bearish trend in the wider cryptocurrency sector that has seen the price of major cryptocurrencies, including Bitcoin and Ethereum, drop amid the collapse of Silvergate Bank, a major financial institution focused on the crypto space.
According to available market data, while the price of BTC is down nearly 7.5% over the last seven days and Ethereum is down 6.6% in the same period, XRP is up over 5% after rising more than 2% in the last 24-hour period.
Other major digital assets like Polygon ($MATIC), Dogecoin ($DOGE), and Solana ($SOL) are down between 11% and 16%.
The price of XRP has been rising at a time in which Ripple’s Chief Legal Officer Stuart Alderoty explained that the most recent ruling in the U.S. Securities and Exchange Commission’s (SEC’s) lawsuit against Ripple has left him feeling more confident than ever about Ripple’s chances of winning.
Judge Analisa Torres has recently issued a 57-page ruling on the SEC and Ripple’s notions to exclude expert testimony from summary judgment, which helped Alderoty’s confidence.
The outcome of the lawsuit is likely to have a significant impact on the price of XRP and the future of crypto as a whole, as the SEC has accused Ripple of selling XRP as an unregistered security.
Ripple’s legal team has argued that XRP’s utility, liquidity, and distribution make it incompatible with securities regulations and that labeling it security would directly impair its reason for existence.
As CryptoGlobe reported, the crypto community is expecting the price of XRP to experience a slight upward movement during the month of March, when the community keeps awaiting regulatory clarity.´
Earlier this month, major cryptocurrency trading platform Uphold reaffirmed its support for XRP while reacting to a trend on the microblogging platform Twitter where users kept on asking for trading platforms to relist XRP.
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