The Federal Reserve hike and significant gains triggered a slump in the market, so Bitcoin BTC USD and Ethereum ETHUSD ended the week in the red.
The week ending Sept. 25th, XRP XRPUSD surged over 27.26% to $0.4926, overshadowingBitcoin, which dropped 3.18% to $18,802 at the end of the week. The price of 10 and ether fell by 3.08% to $1,294, down about 3.08%. The Reserve Rights RSR USD, Compound COMP USD, Algorand ALGO USD, IOTA MIOTA USD, and Quant QNT USD are some of the 100 largest cryptocurrencies by market value.
What caused the Surge of XRP? XRP, the native currency of the Ripple payment protocol, surged significantly last week after news about the U.S. Securities and Exchange Commission's lawsuit against Ripple Labs Inc.
SEC and Ripple, the company behind the XRP coin, filed motions for summary judgment in the Southern District of New York, according to documents posted to a federal court database on Friday. Each of the two parties asked the judge to rule in their favor and dismiss the suit before trial, which dates back to December 2020.
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