What's Behind Ripple's (XRP) New Rally?

#XRP# has performed well, with its price almost doubling in the past 7 days. On Tuesday, XRP broke through the $1 zone for the first time since March 2018, and its price has continued to strengthen in the days that followed.

XRP

It is currently trading above the next resistance level around $1.20, prompting some to look towards the macro sell-off high of $2 that dates back to December 2017.

XRP has now regained the fourth spot in the cryptocurrency market cap ranking. The increase in trading volume could be related to Ripple’s announcement of a new acquisition aimed at strengthening its cross-border payment capabilities.

Ripple also had some optimistic legal news this week. Ripple Labs has been granted access to SEC documents to “express the agency’s interpretation or views on crypto assets.”

Lawyers representing Ripple CEO Brad Garlinghouse believe their case against the SEC could be “over” if they find any evidence that the regulator considers XRP similar to bitcoin or ether.

Ripple Labs CTO David Schwartz urged U.S. regulators to “look to the rest of the world” in an interview with Cointelegraph, warning that the U.S. could fall behind in crypto and blockchain regulation.