XRP went on growth push after Craig Wright called it pump-and-dump scheme
The crypto ecosystem is experiencing a modest bullish resurgence today, with its combined market capitalization rising by 0.24% to $813.29 billion. Among the top 10 cryptocurrencies, XRP stands out in terms of its growth track and trading volume over the past 24 hours.
The coin is leading the pack and is currently changing hands at $0.3677, up 4.93% over the past 24 hours, according to data from CoinMarketCap. Unlike Bitcoin (BTC) and Ethereum (ETH), with a weekly upshot of 0.40% and 1.40% respectively, XRP is up by 7.13% within the same time span.
Coin Metrics are uniformly up as its 24-hour trading volume increased by 143.81% to $947.9 million. Its figures pulled back to a seven-day high of $0.3691 as it led the rise of altcoins today.
XRP is beaten but not battered
XRP has had a rather tumultuous year, particularly with the fact that it was at the center of the legal brawl between its affiliated blockchain payments firm, Ripple Labs Inc, and the United States Securities and Exchange Commission (SEC).
While the regulator alleged that Ripple sold XRP coin as an unregistered security in a $1.3 billion lawsuit filed in December 2020, the company is arguing that the cryptocurrency’s use is as a payment token.
At the moment, XRP holders and investors are generally unfazed by the ongoing lawsuit. This is because many experts believe Ripple is on track to get a favorable verdict as the key timelines in the case show the end is in sight. The community’s commitment was, however, tested over the past few days by the spat between Ripple CTO David Schwartz and self-proclaimed Bitcoin inventor Craig Wright.
As U.Today previously reported, Wright called XRP “the most useless pump and dump scheme” in the blockchain space. The comment has been able to derail the digital currency’s development momentum, and its development can be compared to the way the XRP community is saying the coin is not a pump-and-dump token, as alleged.
