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As Bitcoin, Ethereum Slumped Last Week, This Crypto Gained A Whopping 27%

Published 26/09/2022, 06:22
Updated 26/09/2022, 07:10
© Reuters. As Bitcoin, Ethereum Slumped Last Week, This Crypto Gained A Whopping 27%

Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) ended the week in the red, but some cryptocurrencies managed to buck the market slump induced by the Federal Reserve's Wednesday rate hike and clock significant gains.

XRP (CRYPTO: XRP) surged over 27.26% to $0.4926 in the week ending Sept. 25, overshadowing Bitcoin, which dropped 3.18% to end the week at $18,802.10, and Ethereum, which fell about 3.08% to $1,294.22.

Others, among the 100 largest cryptocurrencies by market capitalization, that bagged double-digit gains included Reserve Rights (CRYPTO: RSR), Compound (CRYPTO: COMP), Algorand (CRYPTO: ALGO), IOTA (CRYPTO: MIOTA) and Quant (CRYPTO: QNT).

Dogecoin (CRYPTO: DOGE) ended the week 6.3% higher at $0.06115.

What Led To XRP's Surge? XRP, the native cryptocurrency of the Ripple payment protocol, surged significantly last week over news related to the U.S. Securities and Exchange Commission's lawsuit against Ripple Labs Inc.

Both SEC and Ripple — the company behind the XRP cryptocurrency — filed motions for summary judgment in the Southern District of New York, CoinDesk reported based on documents posted to a federal court database on Friday. Each of the two parties called for the concerned judge to rule in their favor and dismiss the lawsuit, which dates back to December 2020, before trial.

Read Next: Bitcoin, Ethereum, Dogecoin Subdued: Why This Analyst Says Volatility Is 'Going To Kick In' Next Week

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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