Ripple (XRP) Token Tallies 14% Increase In Past Week — Here’s Why
XRP, the cryptocurrency of the Ripple network, has experienced a significant price increase in recent weeks, recording a 14% increase in the last week alone. This marks an appreciation of more than 40% of the asset in the last 30 days, positioning it as the cryptocurrency that had the biggest price increase in the entire market in the last seven days.
According to CoinMarketCapXRP rose from $0.44 to $0.54 during this period, partly driven by increased trading on South Korean cryptocurrency exchanges, particularly Korbit and Bithumb, where XRP was the most traded crypto asset on platforms in the last 24 hours. This positive trend is associated with increased investor confidence amid the ongoing litigation with the SEC.
Related Reading: XRP price rises 13% after rumors according to SEC
XRP’s potential classification as a commodity could affect Ripple’s SEC lawsuit
The US Securities and Exchange Commission (SEC) has been embroiled in a legal battle with Ripple for over two years over whether XRP constitutes an “unregistered security”. If XRP is accepted as a commodity, it could undermine the SEC’s case against Ripple.
Market specialist and TV presenter Jim Cramer noted the possible implications of classifying XRP as a commodity, stating that the SEC could lose the lawsuit it filed against Ripple more than two years ago.
However, the optimism in the XRP market was short-lived as the cryptocurrency’s recovery stalled shortly after Cramer’s comments. This sparked comments on social media that Ripple will not win the SEC lawsuit, as his predictions often fail to come true.
Related Reading: XRP profit is highest since August 2021 as price surges another 17%
While XRP has seen impressive growth in recent weeks, it is important to note that the cryptocurrency market as a whole remains highly volatile and susceptible to fluctuations. It is important to exercise caution and carefully consider the potential implications of several factors, including the ongoing legal battle between Ripple and the SEC.
However, the recent performance of XRP is a notable development in the cryptocurrency market. It will be interesting to see how he continues to perform in the coming weeks and months.
Could Ripple challenge Ethereum as the top altcoin?
The cryptocurrency market has witnessed an ongoing battle for dominance among the major digital currencies. Ripple (XRP), once considered an underdog in the crypto space, has emerged as a serious contender for Ethereum’s position as the second-largest cryptocurrency.
XRP’s market capitalization hovers around $100 billion at the time of writing, while Ethereum’s market cap is around $300 billion. There is growing expectation that a positive verdict could lead to a sharp rise in Ripple’s market value.
XRP price analysis
XRP is currently trading at $0.5094, with the token down 4.94% over the last 24 hours. This slight correction is in response to the cryptocurrency market in general, which is currently in the red zone. The next resistance level is at $0.55 while the support levels are at $0.45 and $0.40 respectively.
Note: The content is educational and should not be considered investment advice. Unsplash Featured Image, TradingView charts