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After reaching the $0.58 mark within the past 24 hours, the price of XRP is currently having a short break. Conviction is strong as the rally's XRP trading volume exceeded $4 billion, almost $1 billion more than the day before.

Although the No. 6 cryptocurrency has since dropped to just below $0.55, the decline is probably a chance for XRP advocates to position themselves for the upcoming rally. Due to its continued independence from bitcoin, the Ripple-issued cryptocurrency has outperformed the other top-10 cryptocurrencies by a significant margin in the past week, rising 20%. However, when viewed in a broader context, bitcoin hasn't done too badly, increasing 72% so far this year.

In its judicial dispute with the United States, Ripple is generally predicted to win. The cryptocurrency company was accused of marketing XRP as an illegal asset by the SEC.

Even the notoriously known for telling investors to sell their cryptocurrency, Jim Cramer of CNBC, has admitted that the SEC may lose the Ripple lawsuit. In a time when the governmental assault against innovation has stepped up, the cryptocurrency industry is turning to Ripple and XRP for a victory.

SEC Chair Wants Billions to Regulate Cryptocurrency Like the Wild West

Gary Gensler, chairman of the SEC, keeps alienating himself from the bitcoin community. He reiterated his conviction that the cryptocurrency market is "rife with non-compliance" and compared it to the "Wild West" in his statement before Congress on Wednesday.

In light of the "increased complexity in the capital markets," he wants to see $2.4 billion set aside in the budget for the SEC to "investigate misconduct."

With this claim that most cryptocurrencies, with the exception of bitcoin, meet the criteria for stocks, Gensler has stirred up trouble in the cryptocurrency sector.

Ripple Executives Applaud

The chief legal officer of Ripple, Stuart Alderoty, requested last month that Gensler of the SEC remove himself from any prosecution cases involving cryptocurrencies because he has "prejudged the outcome."

The SEC's emphasis on punishment over clarification, according to Ripple's foreign policy advisor Susan Friedman, "is hurting markets rather than helping them and crippling capital formation in the US."

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