XRP: From Court Victories to Market Cap Surge

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By A D

With a market cap rise of $8.8 billion in a month, the future of XRP could potentially hold significant growth in the cryptocurrency market.

The world of cryptocurrencies is known for its volatility and unpredictability. The price of digital coins can skyrocket or plummet within a matter of hours. In recent times, XRP, the digital asset native to the Ripple network, has been in the news for all the right reasons. The cryptocurrency has been experiencing a surge in price, with investors flocking to it in droves. In just 30 days, investors injected a whopping $8.8 billion into the token’s market cap, signaling the growing demand for this digital asset.

The reason for the surge in XRP price is beng said to be due to several factors, including its recent court victory against the U.S Securities and Exchange Commission (SEC). The SEC had sued Ripple and its executives, alleging that they had conducted an unregistered securities offering worth over $1.3 billion. Ripple was able to successfully argue that their native token is not a security but a digital asset, and the court dismissed the case.

the us sec had alleged that xrp had been operating without complying to regulations
Ripple was able to successfully argue that their native token is not a security but a digital asset, and the court dismissed the case. Image Courtesy:iPleaders

In addition to the court victory, XRP has been making strides in the cryptocurrency space. The adoption of Ripple’s technology, which uses XRP for cross-border payments, has been growing steadily. This has increased its demand , driving up its price. Furthermore, the potential for the digital asset to be listed on Coinbase, a popular cryptocurrency exchange, as a reason for its upward trajectory.

Interestingly, Ripple has not been using XRP for its new product. Liquidity Hub does not support the token. This has led to speculations that Ripple might abandon XRP token, creating uncertainty over its price movements. Despite this skepticism, XRP’s market cap continues to grow. Uphold, a digital wallet and trading platform, holds over $1 billion worth of XRP, making it one of the largest holders of the digital asset. This is a significant amount and further highlights the growing interest. The surge in XRP price has not gone unnoticed, with many predicting the digital asset’s price may hit $1 soon, and even go beyond.

At the time of writing, XRP is trading at $0.513448 with a market cap of $26,571,364,259.

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