Amid the strong bullish rally at play in the cryptoverse, Ripple’s XRP looks to be leading the way with a push as it almost triples in value following a series of legal victories and social media rumours of relisting at some crypto exchanges like Coinbase.

This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.

At the time of writing this report, XRP traded at $1.47 with a daily trading volume of $29.3 billion. XRP is up 147% for the week with a current market value of about $67 billion.

The surge in this crypto asset is coming amid a lawsuit from the SEC which accused XRP’s $1.3 billion initial coin offering of being an “unregistered securities offering.” The allegation led most American crypto multiple exchanges to delist the crypto and XRP lost its place as the 3rd largest crypto by market value.

That being said, crypto traders appear to be backing the crypto asset amid credible reports suggesting that Ripple lawyers have posted two victories in their legal tussle against the powerful American regulator, including gaining access to internal Securities Exchange Commission discussion history regarding crypto assets.

What this means

Such access by Ripple’s lawyers to these records would offer them insights into why the Securities Exchange Commission has not deemed Bitcoin and Ethereum a security asset.

The flagship crypto is recording a significant buying spree as Bitcoin bounced above the $60,500 price level once again.

The global crypto market value at press time stood at $2.05 trillion, a 3.85% increase over the last day, with Bitcoin having a market value of $1.123 trillion and a circulating supply of 18,678,481 BTCs

Bitcoin’s price is currently $60,638.55.

READ: Bitcoin miners are consistently earning $50 million daily

Bitcoin’s dominance is currently 55.36%, an increase of 0.21% over the day.

Investors are moving their funds to Bitcoin after an avalanche of COVID-19 stimulus shocked the crypto market since last year amid fears of rising fiat inflated currencies coupled with leading business brands adding more buying pressures on Bitcoin with BNY Mellon, America’s oldest bank giving its approval on the new digital gold as it makes a debut into mainstream investment assets.

Consequently, MicroStrategy now has 91,579 BTCs worth about $5.54 billion while Tesla holds 32,608 BTCs, hinting that more global business brands may take such route to hold the most popular crypto as a treasury tool amid concerns that just 21 million BTCs will ever exist with about 4 million BTCs already lost forever.

READ: Less than 4 million Bitcoins available for buying

Recent price action suggests that bitcoin bulls are holding on tight as they built strong support around the $58K area.

Strong #Bitcoin support building around this $58K area. pic.twitter.com/dFp1E7aOOT

— Yann & Jan (@Negentropic_) April 8, 2021

READ: XRP posts a big bang, as legal tussle with SEC lingers

That being said, crypto pundits argue that bitcoin still faces strong headwinds in the coming months amid growing regulatory concerns. There is also the bias that its high volatility is making it challenging for some traditional investors to come on board and its massive electrical consumption via the blockchain has also put it at odds with many environmentalists.