XRP Price Hit Record High. Watch This SEC versus Ripple Development Today. — Barrons.com

By Elsa OhlenXRP price soared double digits to reach an all-time high early Wednesday.The price of the popular altcoin, used to facilitate and settle transactions on the Ripple payment platform, is up 11% over the last 24 hours at $2.85, according to CoinDesk data. It hit $2.90 overnight, beating its previous all-time high of $2.89 set in early December.The move comes amid speculation about a positive development in the appeal case Securities and Exchange Commission versus Ripple by investors. The SEC sued Ripple in 2020 saying that it was offering an unregistered security with its digital coin XRP.In August 2024, a judge ordered Ripple to pay a $125 million fine for violating investor-protection laws--far less than the $2 billion sought by the SEC. The regulator appealed that decision in October and is expected to submit its opening brief as part of the appeal process on Wednesday.Other cryptocurrencies were moving little. Bitcoin is up less than 1% over the last 24 hours to $97,017 while Ether is down 0.6% to $3,223. Solana fell 0.3% and Dogecoin is up 1.3%.Write to Elsa Ohlen at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.