XRP and Chainlink (LINK) lead large cap gains as crypto markets surge

[ad_1]

XRP and Chainlink (LINK) led gains among large-cap cryptocurrencies this morning as the broad market surged over the weekend, according to data from multiple sources. Thus, the market has gained billions of dollars in the continuity of an upward trend in place since early August.

XRP jumps

XRP hit a high of $ 1.33 at the time of publication, gaining more than 6% in the last day. It has been trading at a last level since August, a price it was rejected at the time. It has, however, gained over 30% in the past three weeks and almost 250% since July, as shown in the image below.

Image: XRP / USD via TradingView.

The rise in the price of tokens is supported by strong developments on the fundamental side, namely the Ripple v. SEC pending in United States. The case alleges that Ripple sold XRP as unlicensed security for years, with the founding team pocketing billions of dollars as a result, but has progressed favorably for Ripple in recent months.

As CryptoSlate reported last week, Ripple co-founder Brad Garlinghouse even said the case could have turned against the SEC. It’s been clear from the start, the SEC lawsuit isn’t just about Ripple, it’s about what impossible standards of fair notice and due process through app regulation can do. to crypto innovation, Garlinghouse said, adding:

Anyone could be next without warning.

Chain link overvoltages

Besides XRP, Chainlink (LINK) led the big gains on Monday morning. The token rose more than 11% to $ 33 at the time of publication, becoming the 13th largest cryptocurrency with a market cap of $ 14.9 billion.

As shown in the graph below, LINK reached a price point last seen in May 2021 (and March 2021 before). The token has seen a price rejection the two times it has hit these levels meaning that for the trend to stay in place it would need to continue rising and close above $ 37. As such, the token still has some time before it hits its all-time high of $ 53.

Image: LINK / USD via TradingView.

LINK tokens power the decentralized Oracle Chainlink network, which is increasingly adopted in DeFi and traditional finance projects. Just last week, Chainlink’s price feeds were uploaded to Optimism Ethereum and Solana, while institutional developments outside of Switzerland have made it easier for institutions to access Chainlink investments.

Get an edge in the crypto-asset market

Access more crypto information and background in each article as a paid member of CryptoSlate Edge.

Chain analysis

Price snapshots

More context

Register now for $ 19 / month Discover all the benefits

Like what you see? Subscribe for updates.

[ad_2]