👀 Ones to watch: The MOST undervalued shares to buy right nowSee Undervalued Shares

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

Published 26/09/2022, 06:22
© Reuters.  As Bitcoin, Ethereum Slumped Last Week, This Crypto Gained A Whopping 27%
BTC/EUR
-
BTC/USD
-
ETH/EUR
-
XRP/EUR
-
CRCW
-
BTC/EUR
-
BTC/JPY
-
BTC/USD
-
XRP/USD
-
ETH/USD
-
XRP/JPY
-
ETH/USD
-
ETH/EUR
-
XRP/EUR
-
BTC/JPY
-
ETH/JPY
-
XRP/JPY
-
XRP/GBP
-
BTC/GBP
-
ETH/GBP
-
ETH/JPY
-
XRP/USD
-
BTC/GBP
-
DOGE/USD
-

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.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.