XRP, the crypto coin used in the payment network of Ripple Labs, skyrocketed over sixfold this year despite its current legal battle with SEC.
The fourth-largest cryptocurrency by market cap experienced its best weekly performance over the past three years after its price doubled in just seven days.
XRP is currently hovering slightly under the $1.7 mark -- which is already a 30% jump from Sunday.
XRP's price struggled in Q4 2020 when the SEC filed legal allegations against Ripple, stating that the company has made over $1.3 billion from unregistered digital asset security via XRP.
Despite this, the token's value increased sixfold this year as analysts consider the coin's legal battle to boost adoption, and in the process, lead to bullish price patterns.
Factor CEO Peter Brandt is among the many experts who agree that XRP is on the same trend as Bitcoin and Ethereum.
The crypto currently has a $140 billion fully diluted market capitalization, according to Coinbase. However, the actual market cap is just around $64 billion. Nonetheless, this is exempted from increasing further as its price is expected to become even more bullish in the weeks to come.
Ripple vs. SEC
Netburn, the presiding judge over the case, said that XRP is a digital currency showing promising use. The dismissal of the case is still underway, but analysts expect this to happen soon. XRP's price will likely get a boost once Ripple is totally acquitted.
The crypto's lawsuit issue might have put digital currencies at stake. But the opposite is happening as it shows that cryptocurrencies like XRP, Bitcoin, and Ethereum, feature properties of a regulated fiat currency. It's all a matter of exposure, and in this case, Ripple is gaining from its negative publicity.
Bullish trend highly likely
XRP's price marked a three-year high after surging by more than 25% over the past 24 hours. XRP's current price is expected to increase in the next day or so. Analysts also predict that the crypto would reach $3 by year-end. That's if they no longer in hot water with the Fed.