The cryptocurrency of the Ripple network XRP, has seen a significant price increase in recent weeks, gaining 14% in the last week alone. This marks over 40% increase in value for the asset over the past 30 days. This positions it as the cryptocurrency that has increased in price the most in the entire market in the past seven days.
According to CoinMarketCap, XRP rose from $0.44 to $0.54 during this period. This is partly because South Korea cryptocurrency exchanges, especially Korbit and Bithumb, where XRP has been the most traded crypto asset on the platforms in the last 24 hours. This positive trend has been attributed to the growing confidence of investors against the background of the current lawsuit with the SEC.
Potential Classification of XRP as Commodity Could Affect Ripple’s SEC Litigation
The US Securities and Exchange Commission (SEC) has been in a legal battle with Ripple for over two years over whether XRP is an “unregistered security.” If XRP is considered a commodity, it could potentially weaken the SEC’s lawsuit against Ripple.
Market expert and TV presenter Jim Cramer pointed out the potential implications of XRP being classified as a commodity, suggesting that the SEC could lose the case it started against Ripple more than two years ago. stated.
However, the market optimism for XRP was short-lived as the cryptocurrency’s rally stopped shortly after Cramer’s comments. This has led to comments on social media that Ripple will not win the SEC case, as Cramer’s predictions often do not come true.
While XRP has seen impressive growth in recent weeks, it should be noted that the cryptocurrency market as a whole is extremely volatile and prone to fluctuations. It is important to be vigilant and carefully consider the potential impact of various factors, including the ongoing legal battle between Ripple and the SEC.
However, XRP’s recent performance is a notable improvement in the cryptocurrency market. It will be interesting to see how it continues to perform in the coming weeks and months.
Can Ripple Challenge Ethereum as Leading Altcoin?
The cryptocurrency market has witnessed a constant battle for dominance among the top digital currencies. Ripple (XRP), once seen as dim in the crypto space, EthereumIt has emerged as a serious competitor to its position as the second-largest cryptocurrency.
XRP’s market cap is around $100 billion at the time of this writing, while Ethereum’s market cap is around $300 billion. There is a growing expectation that a positive decision could cause a sharp climb in Ripple’s market value.
XRP Price Analysis
As Koinfinans.com reported, XRP is currently trading at $0.5094 and the token has dropped 4.94% in the last 24 hours. This slight correction is in response to the overall crypto market currently in the red zone. The next level of resistance is at $0.55, while the support levels are at $0.45 and $0.40, respectively.
