XRP Leads Crypto Market Rally, Soaring 12% Overnight

The price of XRP has shot up 11.5% overnight, making it the best-performing cryptocurrency in the top ten.

At the time of writing, the fifth biggest cryptocurrency was last trading hands for $0.71, according to CoinGecko. Stepping back, and the picture is even more bullish, with XRP jumping 24% over the past week

Investors may be feeling more bullish after Ripple received approval for use within the Dubai International Financial Centre (DIFC) from the Dubai Financial Services Authority (DFSA)—allowing over 4,300 DIFC companies to integrate XRP into their operations.

XRP on a roll

The asset has been on a roll lately: back in July, a federal district judge partially sided with the asset and the fintech firm entrenched with it—Ripple Labs—in a lawsuit.

It came after the U.S. Securities and Exchange Commission (SEC) hit Ripple with a $1.3 billion lawsuit in 2020, alleging that it had misled investors and sold unregistered securities in the form of XRP tokens.

But the judge in July said that while $728 million worth of contracts for institutional sales did constitute unregistered securities sales, programmatic sales of XRP to retail investors did not. Investors interpreted the ruling as positive and the price of the asset exploded, hitting $0.82.

XRP's price has dipped some since then but the asset is up over 45% year-to-date.

The rest of the crypto market has also been making gains—albeit small ones.

Bitcoin, the largest digital asset by market cap, is up 0.5% in the past day, trading hands for $35,095. While Ethereum is up 1.5%, priced at $1,904.

Edited by Liam Kelly.