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XRP price rises by 16%, outperforming top 10 as crypto market recovers

At the time of writing, XRP price has increased by more than 16% in the past 24 hours, outperforming the rest of the top 10 largest cryptocurrencies by market capitalization. It is changing hands at $0.7737.

xrp-price-rises-by-16-outperforming-top-10-as-crypto-market-recovers

XRP/USD 4-hour chart | Source: TradingView

XRP price spikes 12%, outperforming top 10

XRP has been flat for a while as investors and market participants await proof that the market is ready to remove the negative effects of January. However, the price continued to rise on February 4 and has gained more than 28% since then.

The Ripple’s native token had a negative average MVRV since late June, according to Santiment data. According to the online analytics firm, this key indicator last appeared in positive territory in mid-December, making XRP a strong candidate for the upside to provide comfort to traders.

The crypto market is showing a recovery along with the traditional markets. At press time, most altcoins are increasing in value, often posting gains above 3%. The total valuation of the entire crypto market has also expanded to nearly the $2 trillion mark as digital assets recover.

Aside from the headwind from the larger markets, XRP bulls seem to have a few more factors working in their favor, sending the price soaring.

Investors appear to be bullish on XRP as Judge Analisa Torres takes over the case. This could be due to expectations that the case could accelerate after the takeover.

On expectations when Judge Torres takes over, with attorney Jeremy Hogan saying that the case could become more interesting for Ripple with significant rulings on the way. Judge Analisa Torres partially approved and denied the defendant’s request to seal the SEC v. Ripple case exhibits. In addition, Judge Torres ordered three documents to be sealed. Here is the announcement of Brad Garlinghouse’s removal from the official SEC investigation, a string of emails from Chris Larsen, and Brad Garlinghouse.

John Deaton, an attorney for XRP holders in the dispute, believes that Judge Torres’ order is a positive omen for his clients.

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