XRP has been defying the market-wide decline as it continued its impressive recovery for the month.
The asset – that is at the center of the Ripple lawsuit brought by the US Securities and Exchange Commission (SEC) – has surged by nearly 13 over the past day alone.
XRP Surges to 10-Month High
According to data on CoinMarketCap, XRP was currently trading at $0.58, a level not seen since May 2022. The decoupling from the broader market has fetched nearly 60 gains for the crypto-asset in the last ten days, which resulted in a “very high level of trader profit taking.”
XRP’s social dominance also skyrocketed, depicting increased volume and mainstream interest simultaneously. Meanwhile, price analysis further suggested that the crypto-asset could be primed for more gains with a target beyond the $0.60 level.
The initial leg-up can be attributed to the bullish sentiment among investors about the blockchain firm Ripple winning its case against the SEC. A further push was provided by Ark Invests’ Chief Executive Officer Cathie Wood, who chimed in along a similar line in a recent interview,