Ripple (XRP) has become the most profitable altcoin of recent days. The crypto asset managed to rise from $ 0.4129 to $ 0.58 in a one-week period. These data show that XRP has experienced an increase of over 40%.
On the other hand, the price of the sixth largest cryptocurrency continues to rise; XRP is trading at $0.55, up 8.38% in the last 24 hours.
The reasons behind XRP’s massive rally are also curious by the cryptocurrency community. Here are the possible reasons behind the asset’s bullish move, compiled by Panos Mekra, author of “Understanding the Crypto Economy”:
- New Discovery of XRP Potentials
Panos Mekra’a according toXRP has been under pressure for years. This is mainly due to the ongoing litigation between Ripple and the SEC. Many traders ignored the potential of XRP for fear that a decision against Ripple could cause the price to drop drastically. But people are starting to look beyond the case to embrace the utility of the asset class.
- Multiple Projects Launched in XRPL
Mekras said that another factor contributing to XRP’s massive rally is the large number of projects launched on the XRP Ledger (XRPL). XRPL-based projects provide members of the crypto community with an increased use case of XRP. Meanwhile, Ripple is trying to lure creators into XRPL through its $250 million Creators Fund.
Despite the numerous use cases associated with XRPL, the development team is still trying to add more utilities that will increase XRP adoption. Matt Hamilton, Ripple’s former director of developer relations, announced last year that smart contracts will soon be available on the XRPL network. Additionally, XRPL will introduce new updates such as sidechains and automatic market maker (AMM).
- New Information About XRP and XRPL
In the past years, the adoption of XRP has been hampered by a lot of misinformation about the altcoin. However, it was left to go the extra mile to learn more, thereby contributing significantly to mainstream adoption.
- Ripple Hopes To Win Against SEC
As the lawsuit between Ripple and the SEC draws to a close, some community members are calling for a summary decision in favor of Ripple. The XRP price is expected to rise if Ripple wins its lawsuit against the SEC. Members of the crypto community also do not want to miss out on Ripple’s rally to accompany the win.
You can follow the current price action here.
Source : the crypto basic