Key Takeaways:
The victory of Donald Trump in the US presidential election intensified the demand for crypto assets. XRP is on its journey to the broader crypto market. The growth of XRP was capped by the Securities and Exchange Council’s plan to appeal crucial rulings in the ripple case. The appeal from the SEC has negatively impacted the growth of XRP. Investors are eagerly waiting for the withdrawal of the SEC from the appeal.
Ripple XRP upsurges nearly 20 % unlike the correction seen in Bitcoin and Ethereum as the trend of investors shifted towards the remittance-based tokens.
Ripple is a private fintech company that provides payment options across the globe by utilizing its patented payment network called Ripple Network. Ripple Net is a payment network created on the top of Ripple’s consensus ledger. The native cryptocurrency of the ledger is XRP.
XRP has witnessed the highest gains among the top ten cryptos by market capitalization. The token is placed after Dogecoin in the past 24 hours. The XRP coin increased by nearly 20% when Bitcoin, Ethereum, and Solana struggled to post gains on Tuesday. This is a reflection of the optimism among the investors on the XRP’s open interest. XRP has upsurged by over 75% from $681 million on November 5 to over $1.2 billion on November 12.
Open interest is calculated as the total number of outstanding contracts in the derivative market. The higher value of open interest is an indication of the inflow of new capital from investors to support the price uptrend. XRP exhibits a similar trend in the option market.
Ripple Price Forecast
At the time of writing this XRP is trading at $0.6582.The trading volume of XRP is $13,527,919,603 in the last 24 hours. It represents an increase of 164.30% from one day ago which signals a recent rise in the market activities.
Analyzing the weekly chart of XRP shows the sign of a massive breakout after breaking a 100-day simple moving average. The neckline resistance shows an inverted head and shoulders pattern. If XRP managed to overcome the resistance level of $ 0.7440, its yearly high resistance then it could rise nearly 50% to a three-year high of $ 1.100 last seen in November 2021.
XRP: Legal Details
XRP was developed by Ripple Labs since then it has been argued that the XRP ledger has been controlled by Ripple Labs. However, the Ripple team has clarified that they do not control the network. Since December 2020 Ripple has been facing legal challenges. The US Securities and Exchange Council has filed a suit against Ripple. According to the SEC, Ripple executives have violated the laws by conducting financial transactions through XRP. However, a court ruling in mid-2023 clarified that XRP is not an unregistered agency
XRP: Current Price Traction
The market capitalization of XRP is $37,375,514,623. It has a circulating supply of 56,868,662,755 and the total supply of 99,987,041,380. The lowest recorded price of the token is $0.002686 and it was recorded on May 22, 2024. Compared to the lowest recorded price of XRP, the token has surged to 24,150.74%. The fully diluted valuation of the token is $65,713,996,886.
XRP: Investing Options and Future Perspectives
XRP is available on centralized crypto exchanges The most popular exchange in which XRP is traded is Binance.The most active pair of trading XRP is XRP/USDT and the trading volume for the past 24 hours is $1,311,990,788. Other popular exchanges are WhiteBit and Coinbase Exchange.
XRP has increased by 23.50% for the last seven days in the global cryptocurrency market. The token is outperforming similar cryptocurrencies. The rise of XRP has gained wide popularity within the crypto community. Investors are looking forward to being a part of the project. However, it is mandatory to have your facts checked before investing.
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