Why did XRP’s price jump up today? Cryptos largely in the green (Cryptocurrency:XRP-USD)

XRP (XRP-USD), the native cryptocurrency of Ripple, climbed 10.1% in Tuesday afternoon trading, adding to the 24% surge over the past five sessions, as a barrage of token prices saw buying pressure.

Helped by bitcoin’s (BTC-USD) 1.3% rise to $27.34K and ethereum’s (ETH-USD) gain to $1.78K, the global crypto market cap shot up 2.7% to $1.15T, according to CoinMarketCap data.

XRP, meantime, was one of the biggest gainers among major tokens, perking up to a five-month high of $0.52. Aside from bullish price action experienced across the crypto market, XRP’s rally came in the wake of the battle between crypto exchange Binance and the Commodity Futures Trading Commission, and what it means for Ripple and the coin.

On Monday, the CFTC sued Binance and its CEO on allegations that it solicited U.S. users via unregistered crypto derivatives offerings, and directed its employees and customers to hide their true location by using VPNs to evade compliance controls.

In the CFTC’s complaint, the regulator branded bitcoin (BTC-USD), ethereum (ETH-USD) and other tokens as commodities. That’s the main question of Ripple’s long-running lawsuit with the U.S. Securities and Exchange Commission (i.e., whether XRP (XRP-USD) is a security or commodity).

Ripple Chief Technology Officer David Schwartz argued that XRP (XRP-USD) should be referred to as a commodity, as it represents “a raw good that trades in commerce and one XRP is treated as equivalent to every other XRP. That’s pretty much the definition of a ‘commodity,'” he wrote in a Twitter post at the time. “No part of XRP’s value comes from anyone else’s legal obligations to XRP holders.”

XRP (XRP-USD) surged more than 30% on March 21 amid a vote of confidence in the runup to a court ruling on the SEC’s suit against Ripple, the delivery of which remains unclear.