XRP ignores market decline following SEC lawsuits

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XRP was one of the only bright spots in a sea of ​​red among cryptocurrencies on Monday, with many investors still nervous after last week’s lawsuits against Coinbase and Binance filed by the Securities and Exchange Commission.

The Ripple-linked cryptocurrency is up 1.5% in the past day to around 51 cents, outpacing Bitcoin’s tiny 0.25% gain and Ether’s loss of 0.42%. Over the past seven days, XRP has fared better than the two major cryptocurrencies, down 3% versus 3.4% and 6.9%, respectively, for Bitcoin and Ether.

Last week, while some of the most popular cryptocurrency-hunting investment products diverted millions of dollars from Bitcoin and Ethereum, XRP saw inflows of around half a million dollars, according to a report by CoinShares.

XRP was not among the cryptocurrencies listed as securities in the SEC lawsuits against Coinbase and Binance last week. Others such as Cardano, Solana, and Polygon were mentioned and saw price declines, as did most of the market.

Another driving factor for XRP is the announcement by the University of Toronto of its intention to launch an independent XRP ledger validator through the Ripples University Blockchain Research Initiative. In 2018, the company said it would invest $50 million in universities to advance blockchain-related research and development. The University of Toronto is the largest in Canada, and its participation is a boon for Ripple, which has also partnered with two other Canadian universities, according to CoinDesk.

Ripple is embroiled in its own lawsuit with the SEC that has been dragging on for 2½ years but could end soon. The SEC in 2020 asserted that XRP was a security and accused Ripple and two of its executives of conducting a $1.3 billion offering of unregistered securities.

The Ripple lawsuit became a rallying cry for much of the crypto space that lent its support and tried to help the company prevail against the SEC. Ripple CEO Brad Garlinghouse said in May that the legal battle with the SEC could be over in weeks, not months.

Despite taking a hit last week, the overall crypto market cap rose 0.14% in the past day as it struggled to retain its trillion asset class designation. of dollars, according to CoinMarketCap.

Meanwhile, stocks rose ahead of Mays’ inflation data release, a key move in the Federal Reserve’s decision to continue or pause interest rate hikes later this week.

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