XLM And XRP Surge 20% While BTC And ETH Stagnate: Price Analysis

XLM and XRP surge 20% hand in hand and it seems that crypto entrepreneur Jed McCaleb is behind the pumping project so let’s see more in our altcoin news today.

XLM and XRP surged 20% overnight and led Stellar’s coin to 63 cents level which was a level seen three years ago. In fact, XLM traded above 50 shortly after it hit an ATH of 93 cents back in 2018. Stellar co-founder and CTO Jed McCaleb are also satisfied as XRP also surged by 20%. XRP is now valued at $1.42 while McCaleb has billions of dollars of XPR holdings which he can sell periodically in accordance with Ripple.

The confidence in Ripple is growing again after the small victories in the SEC case. Back in 2020, the SEC slammed Ripple with a $1.3 billion lawsuit alleging that the company sold XRP as an unregistered security. Ripple, of course, denied the allegations. A few days ago, Ripple won a discovery motion to have documents related to the SEC policy line on ETH and BTC disclosed to it. The ripple supporters were still aglow from the news so when Ripple won the battle this time, the court ruled that the company doesn’t have to provide the financial records of the two executives to the SEC.

Litecoin on the other hand is still in the top 10 cryptocurrencies by market cap and it trades at $256 marking an increase of 9.3% from a day ago. Bitcoin and Ethereum both dropped. BTC is back below $60K again as it dropped by 1.87% overnight to $59,747. Ethereum barely moved since with the coin being down by 0.92% to $2150. By now, Ethereum has reassured the traders of its ability to maintain the $2K level as it was trading at roughly $2000 for the past week.

As previously reported, Ripple Labs has been locked in a battle with the Securities and Exchange Commission which accused the company of offering unregistered security in its native XRP Token and in the discovery hearing, Ripple made another success as Judge Sarah Netburn ruled the SEC hand over internal documents regarding Ethereum and Bitcoin. She ordered the SEC to provide all documents related to XRP, Ether, and Bitcoin wherein any third parties were involved. However, informal documents are not discoverable and they could include items like emails on thought processes.