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- 1 XRP took the third spot in global crypto searches in 2023 that proved the asset’s dominance regardless of its legal tussles with the SEC.
- 2 The SEC sued XRP for offering unregistered security to the investors. Binance and Coinbase face similar charges, but it happened with XRP first.
- 3 The XRP community as well as a large number of crypto users consider it a good sign for the protocol.
XRP has accomplished another feat by achieving the third spot in global crypto searches this year. The news is quite significant for not just the platform but for the entire crypto industry. One reason is that XRP is one of the established networks. And another is the platform has been battling with the SEC. However, there are other angles to this development that crypto folks must know.
Why are these Findings Important for XRP?
These findings indicate that the crypto space is open to many other options. Despite that, it is important to acknowledge the top two spot holders. These are the two most popular cryptocurrencies: Bitcoin and Ethereum. As per Marketplace Fairness, Ethereum appeared in 3,260,000 searches across the globe.
On the other hand, XRP appeared in 1,250,000 monthly searches globally. Even if it’s lower than the two major players, it is still a big win for the Ripple network. Although it took a late entry than the two frontrunners, it is still doing a great job of competing with them. But for some, it’s not a surprise at all. This is because XRP has maintained a strong position in the crypto hierarchy for quite some time.
In terms of market capitalization, it holds the 6th spot right now. In the past few months, the cryptocurrency market has exchanged a whopping 45 Billion worth of XRP tokens. In the overall crypto transaction volume, it has made a contribution of $22 Billion.
A Few Things to Keep in Mind
Unfortunately, this accomplishment will not help XRP defeat the SEC in the legal battle. It would go on with the regular procedures with the court trying to justify its actions. Also, it wouldn’t help in attaining the same position as Bitcoin and Ethereum. Still, it is important to acknowledge that the protocol has come this far. While no one can be certain about its future, experts have some predictions for sure.
What Does the Future Hold for XRP?
As far as the litigation is concerned, things are quite at a crossroads right now. However, some analysts think that XRP’s argument holds more weight. There are many analysts and experts who are familiar with the SEC’s guidelines about cryptocurrency. They all say that the regulator can’t really prove the crypto entity wrong here.
According to them, the guidelines of the SEC are really ambiguous. Furthermore, they say that the lawyers of XRP can prove that quite easily. Once that happens, the regulator will lose ground in cases against Binance and Coinbase. Although no one can be certain about it at this point in time, the entire crypto community is hoping that the verdict will be in the crypto companies’ favor. Nonetheless, the crypto space will have to wait and watch what happens.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
