The cryptocurrency jumped from $0.28 to $0.58 on monday after catching the attention of r/SatoshiStreetBets, a crypto-focused Reddit group.
The group started discussing XRP and a huge demand from retail investors caused a massive jump in price.
XRP faced a 70% loss in December 2020, following a SEC’s lawsuit against Ripple where SEC alleged Ripple Labs and its two executives for selling unlicensed securities in the form of XRP.
However, XRP recovered fast after the recent addition of nearly $13 billion in XRP’s market cap means that the digital currency is at the same level before the SEC’s action.
Ripple CEO, Brad Garlinghouse tweeted: “Our defense begins today. Innovation is on trial, and we stand shoulder to shoulder with our partners & the community to defend it. Together, with appropriate regulatory oversight, we can modernize outdated laws that clearly aren’t working to protect consumers and ensure orderly markets”.
The overall market cap of cryptocurrencies now stands at around $1 trillion and XRP is trading above $0.57 with a market cap of around $26.5 billion becoming the third most valuable crypto in the market.