Here are six reasons behind XRP’s recent price surge.
XRP is currently among the best-performing cryptocurrency in the market. Recently, the price of the sixth-largest cryptocurrency has continued to surge to new levels. According to data from Coingecko, XRP is trading at $0.55, up 10.5% in the past 24 hours.
At press time, XRP is the best-performing coin in the top 50 crypto rankings over the past seven days after recording a 20% gain. Furthermore, data from Coingecko shows that the crypto asset has soared 50% in the past 14 days.
The tremendous rally of XRP has attracted the attention of crypto community members, who seek to know the reason behind the bullish movement of the asset.
Many believe XRP is rallying following positive speculation about the ongoing legal battle between Ripple and the SEC. However, Panos Mekras, author of “Understanding the Crypto Economy,” thinks XRP’s recent rally is fueled by several other factors aside from the lawsuit’s speculations.
“Some people are asking me why XRP is going up. Is it only speculation for the case? I don’t think so,” Mekras asserted.
6 Reasons Why XRP Is Beating the Rest of the Market
In a Twitter thread, Mekras explains the rationale behind XRP’s latest rally.
New Discovery Of XRP Potentials
According to Mekras, the sixth-largest cryptocurrency has been suppressed for years. This is mainly because of the lawsuit between Ripple v. SEC lawsuit. Many traders ignored the potential due to fears that a negative summary judgment against Ripple could cause the price to plunge massively. However, people are starting to look beyond the lawsuit to embrace the utility of the asset class.
Multiple Projects Launching on XRPL
Another factor contributing to the massive rally of XRP is the numerous projects launched on the XRP Ledger (XRPL), Mekras said. XRPL-based projects give crypto community members new ways to use XRP for diverse use cases, including multi-sigs, decentralized exchange, escrows, etc. Meanwhile, Ripple is trying to attract creators to XRPL via its $250M Creators Fund.
Despite the numerous use cases associated with the XRPL, the development team is still committed to adding more utilities that would boost the adoption of XRP. In a tweet last year, former Ripple’s director of developer relations Matt Hamilton revealed that smart contracts would soon be available on the XRPL network.In addition, XRPL will also roll out new updates like sidechains and automated market maker (AMM).
Well, most functionality needed (fungible tokens, NFTs, escrows, multisig, DEX) are all built in.
But yes, smart contracts are in development
— Matt Hamilton (@HammerToe) December 22, 2022
New Knowledge About XRP & XRPL
Over the past years, XRP adoption was impeded by the numerous misinformation about the coin. The media could have done a better job of revealing the potential of XRP and XRPL. However, people were left to go the extra mile to learn more about XRP and XRPL, thus contributing significantly to its mainstream adoption.
Widespread Coverage of XRP & XRPL Market Data
Other than IntoTheBlock, Santiment coverage, XRP attracted the crypto community’s attention following Messari’s in-depth analysis of the XRP Ledger last week. Messari Highlighted XRP Achievements, and its CEO Said Ripple Should Win Against SEC.
Ripple Hoping for Win Against SEC
As the lawsuit between Ripple and SEC edges closer to its end, crypto community members anticipate a summary judgment in favor of Ripple. The price of XRP is expected to surge if Ripple wins its case against the SEC.
Interestingly, crypto community members are not planning to miss out on the rally accompanying a win for Ripple.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.