XRP, the cryptocurrency of the Ripple network, has experienced significant price growth in recent weeks, rising 14% in the last week alone. This marks an appreciation of more than 40% for the asset over the past 30 days, making it the cryptocurrency with the highest price gain across the entire market over the past seven days.
XRP has risen from $0.44 to $0.54 during this period, partly due to increased trading volume on South Korean cryptocurrency exchanges, especially Korbit and Bithumb, where XRP was the most traded crypto asset on the platform in the past 24 hours. This positive trend is related to increased investor confidence amid the current lawsuit with the U.S. Securities and Exchange Commission.
XRP’s potential classification as a commodity could impact Ripple’s SEC lawsuit
The U.S. Securities and Exchange Commission (SEC) has been engaged in a legal dispute with Ripple for more than two years over whether XRP constitutes an “unregistered security.” If XRP is accepted as a commodity, it could undermine the SEC’s case against Ripple.
Market expert and TV host Jim Cramer pointed out the potential impact of XRP being classified as a commodity and said the SEC could lose the lawsuit it launched against Ripple more than two years ago.
However, the market’s optimism for XRP was short-lived as the cryptocurrency’s rally stalled shortly after Cramer made his comments. This prompted social media comments that Ripple would not win its SEC lawsuit because his predictions often fail to come true.
While XRP has seen impressive growth in recent weeks, it’s important to note that the entire cryptocurrency market remains highly volatile and susceptible to swings. It’s important to proceed with caution and carefully consider the potential impact of various factors, including the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission.
Nonetheless, XRP’s recent performance is a notable development 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 an ongoing struggle among the top digital currencies for dominance. Once considered an underdog in the cryptocurrency space, Ripple (XRP) has now emerged as a strong contender for Ethereum’s position as the second-largest cryptocurrency.
At the time of writing, XRP’s market cap hovers around $100 billion, while Ethereum’s market cap is around $300 billion. As expectations grow for a positive verdict, Ripple’s market cap could climb dramatically.
