- XRP rose 10% in 24 hours, becoming the top-performing altcoin by market cap.
- Legal anticipation regarding SEC’s decision fuels XRP’s price increase.
- XRP’s utility in cross-border payments drives demand and investor confidence.
XRP’s value rose by 10% in the last 24 hours and is now the best-performing altcoin in the top 100 coins by market capitalization. The price of XRP has risen by 18% in the last week, from $0.42 to more than $0.50 hence raising its market capitalization to more than $28 billion.
The price surge is due to a combination of several factors such as the near completion of the ongoing dispute between the Securities and Exchange Commission (SEC) and Ripple Labs.
The verdict is likely to boost investor confidence hence a price surge. Last year, the court ruled that XRP was not a security, causing its price to spike in just 24 hours.
XRP is being used as a fast and cost-effective cross-border payment option which has led to its wide adoption . Ripple’s technology, which uses XRP as a bridge currency for foreign transactions, has been adopted by many banks and money transfer services. As more institutions discover the financial advantages, demand for XRP is expected to rise hence pushing the price higher.
The new partnerships and technical developments that Ripple is undertaking is driving the price of XRP higher. Ripple is constantly upgrading its technology and growing its ecosystem with major achievements such as updates to the XRP Ledger, collaborations with other blockchain projects. Each achievement achieved by Ripple could contribute to market interest and investment in XRP.
The current spike in XRP has been fueled by legal speculation, anticipated regulatory clarity, and its utility in cross-border payments. XRP’s future is set to be positive due to Ripple’s continuous advancement of technology and the coming regulation clarity.
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