XRP Scores Highest Weekly Close of 2024. Will SEC Spoil This Rally?

XRP, the six-biggest cryptocurrency by market capitalization, has secured its biggest weekly close of the year. 

The controversial cryptocurrency ended Sunday well above the $0.64 level on the Binance exchange. 

According to CoinGecko data, it is currently trading at $0.6518 after adding more than 6% over the past 24 hours. With a valuation of $36.8 billion, it has now climbed to sixth by market cap, surpassing Circle's USDC token. 

This marks a major win for the bulls who have been struggling to surpass the $0.60 resistance level.  

As reported by U.Today, XRP ended up among the best-performing cryptocurrencies in the top 100 on Sunday. It was the only major altcoin that was capable of competing with a pack of surging meme coins. 

Notably, the bulls failed to gain a footing above the $0.60 level following the final court ruling in the Ripple case in August. Back then, there was only a short-lived price spike that did not result in a substantial price rally. 

Even though XRP now seems to be poised to outperform the broader market following the pivotal weekly close, the U.S. Securities and Exchange Commission could still throw a wrench in the works for bulls. 

The deadline for the SEC's appeal in the Ripple case is set for Oct. 6. 

As reported by U.Today, there are some persistent rumors that the agency could challenge the July 2023 summary judgment ruling.

If the SEC does end up appealing the case, this will lilkey negatively affect XRP's price performance. With that being said, the appeal process would be quite protracted, and the ruling would not be overturned at least until 2026, according to legal analyst Fred Rispoli.