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$2.4 billion inflows XRP market cap in a day almost wiping April losses

$2.4 billion inflows XRP market cap in a day almost wiping April losses

Despite a relatively red day for most digital assets in the cryptocurrency market, XRP is among those in the top 20 by market cap trading in the green.

XRP is currently up by 7.87% in the last 24 hours, trading at $0.7794 at the time of publication, according to CoinMarketCap data.

XRP 1-day price chart. Source: CoinMarketCap

In just a day, the digital asset has seen an inflow of more than $2.4 billion, climbing from $34.95 billion to $37.4 billion in the last 24 hours, meaning that XRP has almost wiped away its losses in April.  Notably, on April 11, the market cap was as low as $33.12.

XRP 1-month market cap. Source: CoinMarketCap

Why is XRP’s price climbing?

Whether it’s the recent legal rulings in Ripple’s favor or the price of XRP rising despite the bear market conditions, XRP is climbing.

The XRP token has separated itself from the current market price dpi. Typically, altcoins respond to changes in the price of Bitcoin (BTC), and Bitcoin (BTC) has fallen by 1.95 percent in the previous 24 hours, and it is now trading around the $40,200 mark. 

For its part, the XRP token has seen significant increases today, and it is the token that has had the most gains out of the top 100 cryptocurrencies by market capitalization.

XRP leads crypto market gains. Source: CoinMarketCap

Ripple’s court case is going well

Recently, Ripples CEO Brad Garlinghouse said that the court battle with the United States Securities and Exchange Commission was going “exceedingly well.”

The recent optimistic statements made by Ripple’s CEO on the long-running lawsuit against the company seem to be supporting the current increase in the price of XRP. According to Mr. Garlinghouse, the commission’s investigation into their case is approaching a conclusion. 

Speaking with CNBC, Garlinghouse emphasized his delight that the case is progressing much more smoothly than he had anticipated. Because the matter has been dragged out for more than 15 months, he feels that the court system is far slower than it should be. 

He argued that this action is crucial not just for Ripple but also for the whole cryptocurrency sector.

Recently, Finbold reported District Judge Torres in the Ripple case denied the SEC’s motion for reconsideration of the deliberate process privilege concerning Hinman emails and granting clarification of the matter, something Defense attorney James K. Filan called ‘a very big win for Ripple.’

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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