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Top cryptocurrencies saw a surge over the weekend amidst a resurgence of ‘bullish’ sentiment.
September 6, 2021 at 7:24 am UTC · 2 min read
XRP and Chainlink (LINK) led gains among large-cap cryptocurrencies this morning as the broader market surged over the weekend, data from multiple sources shows. As such, the market gained billions of dollars—a continuation of an uptrend in place since early August.
XRP reached a high of $1.33 at press time, gaining over 6% in the past day. It trades at a level last since in August, a price at which it saw rejection at the time. It has, however, gained over 30% in the past three weeks, and nearly 250% since July, as the below image shows.
Image: XRP/USD via TradingView.
The token’s price rise is supported by strong developments on the fundamental side, namely the ongoing Ripple v. SEC case in the US. The case alleges Ripple to have sold XRP as unlicensed security for years—with the founding team pocketing billions of dollars as a result—but has progressed favorably for Ripple in the past few months.
As CryptoSlate reported last week, Ripple cofounder Brad Garlinghouse even stated the case could have possibly backfired on the SEC. “This has been clear from the start — the SEC’s lawsuit isn’t just about Ripple, it’s about what “…impossible standards of fair notice and due process” through regulation by enforcement can do to crypto innovation,” said Garlinghouse, adding:
“Anyone could be next without warning.”
Apart from XRP, Chainlink (LINK) led the big gains on Monday morning. The token rose over 11% to $33 at press time, becoming the 13th-largest cryptocurrency by a market cap of $14.9 billion.
As the below chart shows, LINK reached a price level last seen in May 2021 (and March 2021 before that). The token saw a price rejection both the times it reached these levels, meaning that for the trend to remain in place, it should continue to surge and close above $37. As such, the token has long to go before reaching its all-time high of $53.
Image: LINK/USD via TradingView.
LINK tokens power the Chainlink decentralized oracle network, one that is increasingly seeing adoption across both DeFi and traditional finance projects. Just last week saw Chainlink price feeds go live on Optimism Ethereum and Solana, while institutional developments out of Switzerland saw easier investment access for institutions to Chainlink.
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Author: Shaurya Malwa