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- XRP Ledger (XRPL) saw new accounts reach 5 million soon.
- The result of the Ripple vs. SEC is expected soon.
Despite a legal brawl with the SEC, XRP gained 15% in the last 30 days, and whales recently bought 420 million tokens. Accounts over Ripple-backed XRP Ledger (XRPL) are close to 5 million. XRP is currently trading in green. All these occurrences indicate that the judicial problems are not affecting them much.
Ripple is Sailing Ahead Despite SEC Anchor
The Ripple vs. SEC case has been going on since 2020, when the financial watchdog allegedly argued that Ripple raised $1.3 billion by selling XRP, which, according to SEC, must be considered unregistered securities. At the same time, Ripple has argued that XRP is not a security. Both parties have submitted documents, and testimonies are awaiting results.
While waiting for results, the digital payment infrastructure, XRPL, powered by XRP, saw a considerable jump in the total number of accounts created on the platform in the last few months. As per the Messari data, daily account creation at XRPL was at an all-time high in 2021 and early 2022. But crypto winter and drop in ETH and BTC prices pulled these numbers down.
As the crypto industry is warming up after a harsh winter, there has been a noticeable rise in the crypto market in 2023. These conditions have sparked a new rally in the daily account creation at XRPL. XRP Scan data suggests that the crypto network will have an average of 100 new accounts daily in 2023.
The Rise of XRP and Gaining Whale’s Attention
It is great news that the masses have actively adopted XRPL quickly. Ripple’s token XRP gained over 15% in the last 30 days. This feat places it in the top ten best-performing digital assets.
When writing, XRP was trading at $0.4451 after gaining 7.87%, and its value against Bitcoin hiked by 7.07% to 0.00001571 BTC. The market cap was $22.6 billion after picking up by 7.91%; in comparison, its volume massively jumped by 252.46% to $4.9 billion in the last 24 hours. XRP is ranked at 6 and with a market dominance of 1.92%.
The price rise coincides with crypto whales purchasing $155.4 million worth of 420 million XRP tokens in the last 30 days. Data shows that nearly 50 whales are holding between 10 million to 100 million XRPs.
After Effects of SEC vs. Ripple Verdict
As both parties await the verdict, a debate is circulating in the crypto industry, arguing about the possibilities of winning or losing. If SEC wins and XRP is labeled security, then every other token must follow suit, and exchanges must go through registration and other required processes.
In this case, Ripple has already announced challenging the decision, meaning things do not go their way. Thus tussle will continue for a very long time.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
