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The XRP rally is still going on at a significant pace. Ripple payment network’s native crypto asset has seen immense growth over the past several days. It has witnessed a growth of more than 50% within a week and it has surpassed the prominent stablecoin of Binance—Binance USD—in terms of market capitalization. Recently, XRP has become the sixth largest cryptocurrency within the crypto market with a market cap of more than 25 billion USD.
Currently, the XRP price is around 0.501 USD with a notable growth of more than 18% in just 24 hours.
XRP price’s ascent is quite opposite to broader crypto which showed more or less negative growth within a similar timeframe. For instance, top cryptocurrencies bitcoin (BTC) and Ethereum (ETH) are currently trading at 19,063 USD with an approx 3.7% drop, and 1,302 USD with a drop of 11.4% within the last week.
For a quite long time now, XRP has been struggling to keep its head high amidst the heavy winds against Ripple. In 2020, the United States Security and Exchange Commission (SEC) went on to sue Ripple and its executives for using XRP tokens, citing it as an unregistered security.
Since then the lawsuit has seen gradual development with several turbulent instances from time to time, resulting in making a significant impact on the XRP price.
However, things started getting in favor of Ripple soon, and slowly crypto community and XRP supporters started believing the company to win the lawsuit against the financial regulator. This decision is soon to be disclosed and hence the support for crypto assets is emerging once again.
Given the positive developments in the case, traders and investors are optimistic about the future. A prominent trader in the crypto space even estimated XRP to be on its way to witnessing its most bullish set-up.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
