The week in cryptocurrency has been a busy one. Ripple's XRP token appears to be pushing past the others. It reached a 30% higher price than expected. It's also in a good position after earning some legal victories. XRP went as high as $1.36 before settling back to $1.32. It's up by 11% for the week and 544% for the year. The recent push for the token has put it back into the top 10 cryptocurrencies according to market cap.
The unexpected rally is a sort of ha-ha to a lawsuit filed by the United States Securities and Exchange Commission. In the lawsuit, the federal government alleges that XRP's $1.3 billion initial coin offering was an unregistered securities offering. The lawsuit resulted in a lot of exchanges removing the currency from their platforms. XRP lost its spot as the third-largest currency by market cap. It looked like it could fall out of the top 10.
There was even more bad news with XRP. The Securities and Exchange Commission wasn't the only problem it had. Ripple's CEO, Brad Garlinghouse, announced last month that the company planned to halt its relationship with MoneyGram. This was a popular partnership that allowed investors to have proof of their digital currency for payments and settlements of debts. It had become a standard in the industry.
Even with all of the bad news, it looks like the buyers of XRP only only needed a small nudge to make a big impact and get back in the game. Ripple's lawyers have had two victories in their ongoing legal battles with the Securities and Exchange Commission. Those two victories include gaining access to some of the commission's internal documentation about the history of cryptocurrency and a court's denial of the Securities and Exchange Commission's ability to disclose the financial details of two executives from Ripple. Garlinghouse was one of them.
The executives of Ripple seem to be happy with the news. Its CTO, David Schwartz, said that the United States isn't prepared to enforce the regulation of cryptocurrencies. Overall, it was a typical week for a controversial coin.