XRP, the sixth-largest cryptocurrency by market capitalization, has recorded its highest weekly close of 2024. The digital asset ended Sunday trading comfortably above the $0.64 mark on Binance, making a significant upward move. 

According to CoinGecko, XRP is currently trading at $0.6518, reflecting a gain of over 6% in the past 24 hours. Its market valuation now stands at $36.8 billion, propelling it into the sixth spot by market cap, ahead of Circle’s USDC token. This recent price movement represents a win for the bulls who had been struggling to break through the $0.60 resistance level for weeks.

_{Source: CoinMarketCap}

XRP Outperforms Amid a Competitive Market

XRP emerged as one of the top-performing cryptocurrencies within the top 100 on Sunday. It was the only major altcoin capable of keeping pace with a surge in meme coins that have captured market attention. The recent surge showcases its strength among altcoins and highlights its ability to compete even in a crowded market.

Related article: XRP and the Golden Cross: Will It Push Past $0.60?

This breakout above $0.60 is especially significant considering the challenges XRP faced following the final court ruling in the Ripple case in August. While the ruling initially triggered a short-term price spike, it did not lead to sustained upward momentum. However, this latest weekly close suggests XRP might finally be ready to outperform the broader market.

SEC’s Pending Appeal Could Impact XRP’s Bullish Run

Despite the recent bullish momentum, XRP’s rally could face challenges due to ongoing legal issues. The U.S. Securities and Exchange Commission (SEC) still holds the potential to disrupt this upward trend. 

Related article: Will XRP Finally Break the $0.60 Barrier? Here’s What to Expect

The deadline for the SEC to appeal the Ripple case is October 6, and rumors persist that the agency might challenge the July 2023 summary judgment. If the SEC proceeds with an appeal, it could negatively affect XRP’s price performance. 

However, legal analyst Fred Rispoli notes that the appeal process would be lengthy, and any potential overturn of the ruling wouldn’t happen before 2026.