yolowire.com - Cryptocurrency XRP (CRYPTO: XRP) is trading at an all-time high.
The price of the popular Altcoin that facilitates transactions on the Ripple payment network has risen more than 5% in the last 24 hours to trade at a record high of $2.90 U.S.
However, XRP’s price has pulled back after touching that all-time high and is currently changing hands at $2.78 U.S. per digital token.
XRP’s previous record high was $2.89 U.S. reached last December, according to data from CoinDesk.
The latest move higher comes amid speculation about a positive development in the ongoing lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC).
The SEC sued Ripple in 2020, claiming that the company offered an unregistered security to investors with XRP.
Last summer, a judge ordered Ripple to pay a $125 million U.S. fine for violating investor-protection laws. That was much less than the $2 billion U.S. fine sought by the SEC.
Ripple has appealed the ruling, however, and the appeals process is now getting underway, which is helping to push XRP’s price upwards.
President-elect Donald Trump has also nominated pro-crypto Paul Atkins to head the SEC under his new administration, replacing current SEC Chair Gary Gensler, who has cracked down on the crypto sector.
XRP has now gained 384% over the last 12 months, making it one of the best-performing cryptocurrencies.