Why XRP Is Surging Today Despite Bitcoin Slump
The cryptocurrency XRP is trading about 4.7% higher over 24 hours at $0.46 at press time on Friday.
The surge comes despite an overall slump in the cryptocurrency market, with Bitcoin (BTC) trading 4.5% lower at $47,133.27, as per CoinMarketCap data.
Ethereum is also down 4.15% at $1,484.48.
Ripple Labs Inc, the company behind XRP, in a court filing Thursday accused the U.S. Securities and Exchange Commission of cherry-picking among cryptocurrencies, claiming it was unfair for its token to be classified as a security when Bitcoin and Ethereum are exempted.
“The SEC’s filing, based on an overreaching legal theory, amounts to picking virtual currency winners and losers as the SEC has exempted Bitcoin and Ether from similar regulation,” Ripple said in the filing.
In a separate letter to Judge Analisa Torres, lawyers representing Ripple Executive Chairman Christian Larsen informed the court of a motion to dismiss the SEC lawsuit.
Ripple also announced piloting a private ledger for central bank digital currencies on Wednesday, saying such government-backed assets "are bound to emerge."
Photo, Courtesy of QuoteInspector
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.