XRP, the cryptocurrency of the Ripple network, has experienced significant price growth in recent weeks, registering an increase of 14% in the last week alone. This marks an appreciation of over 40% for the asset in the last 30 days, positioning it as the cryptocurrency that has seen the highest increase in price across the entire market in the last seven days.
According to the CoinMarketCap, XRP rose from $0.44 to $0.54 during this period, partly driven by increased trading on South Korean cryptocurrency exchanges, particularly Korbit and Bithumb, where XRP was the most traded crypto asset on the platforms in the last 24 hours. This positive trend has been linked to increased confidence from investors amid the backdrop of the current lawsuit with the SEC.
Related Reading: XRP Price Climbs 13% Following Settlement Rumors With SEC
XRP Potential Classification As A Commodity Could Affect Ripple’s SEC Lawsuit
The U.S. Securities and Exchange Commission (SEC) has been embroiled in a legal battle with Ripple for over two years over whether XRP constitutes as an “unregistered security.” If XRP is accepted as a commodity, it could potentially undermine the SEC’s case against Ripple.
Market specialist and TV host Jim Cramer noted the potential implications of XRP’s classification as a commodity, stating that the SEC could lose the lawsuit it launched against Ripple more than two years ago.
However, the optimism in the market for XRP was short-lived, as the cryptocurrency’s rally stalled shortly after Cramer’s comments. This prompted comments on social media that Ripple will not win the SEC lawsuit as his predictions often fail to come to pass.
Related Reading: XRP Profit Taking At Highest Since Aug. 2021 As Price Rises Another 17%
While XRP has seen impressive growth in recent weeks, it’s important to note that the cryptocurrency market as a whole remains highly volatile and susceptible to fluctuations. It is important to exercise caution and carefully consider the potential implications of various factors, including the ongoing legal battle between Ripple and the SEC.
Nonetheless, XRP’s recent performance is a notable development within the cryptocurrency market. It will be interesting to see how it continues to perform in the coming weeks and months.
Could Ripple Challenge Ethereum As The Leading Altcoin?
The cryptocurrency market has witnessed a continuous battle for dominance among the top digital currencies. Ripple (XRP), which was once considered an underdog in the crypto space, has emerged as a serious contender to Ethereum’s position as the second-largest cryptocurrency.
XRP’s market capitalization is hovering around $100 billion at the time of writing, while Ethereum’s market cap is around $300 billion. There’s a growing expectation that a positive verdict could see a steep climb in the market cap of Ripple.
XRP Price Analysis
XRP is currently trading at $0.5094, with the token down 4.94% in the past 24 hours. This slight correction is in response to the overall crypto market, which is currently in the red zone. The next resistance level is $0.55, while support levels are $0.45 and $0.40, respectively.
Please note: Content is educational and should not be considered investment advice. Featured Image from Unsplash, Charts from TradingView