Analysts pointed to the Biden proposal to double capital gains taxes on high-income individuals as the catalyst.
Volumes on the CoinDesk 20 eight spot BTC venues was over $8 billion for the first time since Feb. 23.
Investor appetite for digital asset investment products increased last week, with strong interest in XRP.
Dogecoin briefly replaced XRP as the fourth-largest coin early Monday.
Regulators are “creating danger” for investors in their inconsistent approach to determining how to treat cryptocurrencies.
Bitcoin prices have doubled this year, but several major altcoins have risen by many multiples.
The token used in Ripple Labs' payment network has climbed sixfold this year as some traders look through the SEC case and analysts see bullish patterns in price charts.
Bitcoin’s struggle to retest a key resistance level at $60,000 has “dampened” market sentiment, said one trader.
XRP has rallied by over 50% so far this week, for a market value of $37 billion.
David Schwartz also suggested rumors of a Coinbase relisting of XRP could account for the crypto’s recent rally.
The XRP token's price continues to draw support from a community of loyal and devoted cryptocurrency traders.
XRP has completely recouped its losses resulting from the SEC's lawsuit against Ripple Labs late last year.
The crypto asset could be used as a "neutral bridge" between different currencies, Ripple says.
It's often a bullish indicator when the the 50-week moving average crosses above the 100-week, but traders can get trapped on the wrong side of the market.
SBI's support of XRP is a sign of the digital token's continued strong fan base in Japan.