XRP and Chain Link (LINK) led gains among large-cap cryptocurrencies this morning as the broader market surged into the weekend, data from multiple sources shows. As such, the market has raked in billions of dollars – the continuation of an uptrend since the beginning of August.
XRP hit a high of $1.33 at press time, up over 6% in the past day. It trades at the last level since August, the price it has seen denial at that time. However, it is up more than 30% in the past three weeks and almost 250% since July, as the image below shows.
The token’s price rise is supported by strong developments in fundamentals, namely the ongoing Ripple lawsuit against the SEC in the US. The lawsuit alleges that Ripple has sold XRP as unlicensed security for years — with the founding team pocketing billions of dollars as a result — but has progressed favorably for Ripple over the past few months.
As livetechit last week’s report, Ripple co-founder Brad Garlinghouse even stated that the case could be counterproductive on the SEC. “This has been clear from the start – the SEC lawsuit is not just about Ripple, but about the “…impossibility standard of fair notice and due process” through regulation by a competent enforcement agency. can do for crypto innovation,” Garlinghouse added:
“Anyone can be next without warning.”
Aside from XRP, Chainlink (LINK) led the big gains on Monday morning. The token has surged over 11% to $33 at press time, becoming the 13th largest cryptocurrency with a market cap of $14.9 billion.
As the chart below shows, LINK reached the price last seen in May 2021 (and before that, March 2021). The token has been rejected both times it has reached these levels, meaning that to keep the trend intact, it will continue to rise and close above $37. Therefore, the token is far from achieved. the all-time high is $53.
LINK tokens power the Chainlink decentralized oracle network, a network that is increasingly accepted on both DeFi and traditional financial projects. Just last week saw Chainlink Price feed appears online on Ethereum Optimistic and Solana, while institutional developments outside of Switzerland indicate easier access to investment for organizations to Chainlink.
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