The Ripple (XRP) cryptocurrency has been performing very well and has outperformed over 50 of the top cryptocurrencies in recent days.
According to experts, the value of XRP is expected to continue rising in the future, which could be attributed to the increasing confidence of the XRP community in winning a lawsuit started by the US SEC in December 2020.
#XRP price surges 17% weekly, fueled by several positive triggers. Key factors include the ongoing #Ripple vs. SEC lawsuit, new partnerships & integrations, and the growing adoption of RippleNet. Keep an eye on XRP's performance as it continues to navigate the crypto market!… pic.twitter.com/FQI73CpnuJ
— Archart (@mindblowing_exp) March 26, 2023
It’s worth noting that the US Securities and Exchange Commission (SEC) has filed a lawsuit against Ripple, the San Francisco-based blockchain company behind XRP.
The lawsuit alleges that the cryptocurrency is an unregistered security and that Ripple and its executives engaged in illegal securities offerings worth more than $1.3 billion.
Despite the allegations, Monica Long, President of Ripple Labs, remains confident in the outcome of the lawsuit. She believes that the facts and the law are on Ripple’s side and that the company is likely to emerge victorious.
Everyone for $Xrp should be following Monica Long
Ripple President
Becoming the biggest name Lead roles in Crypto Fintech @MonicaLongSF @bgarlinghouse— XrpVegas (@XRPvegas_) March 23, 2023
In addition, Long has highlighted the importance of regulatory clarity and predictability from the US markets regulator for the cryptocurrency industry as a whole. She believes that clear regulations would not only benefit Ripple but also the wider crypto market.
Long expects that a decision on the SEC’s action against Ripple may not be made until the end of 2023. Nevertheless, she remains optimistic about the outcome and confident in Ripple’s position.
XRP Price
The XRP cryptocurrency is currently valued at $0.4595, with a 24-hour trading volume of $1.5 billion. Over the past 24 hours, XRP has seen a nearly 4% increase in value. Ripple now holds the #6 spot in the market, with a live market valuation of $23.4 billion.
There are currently 50,950,912,949 XRP coins in circulation, with a maximum supply of 100,000,000,000 XRP coins.
Upbeat Cryptocurrency Market Could Impact Ripple’s XRP Price
The global cryptocurrency market has seen a significant increase in value, with many cryptocurrencies showing gains. On Sunday morning, two of the most valuable cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), surpassed $27,000 and $1,700, respectively.
At the time of writing, the total market valuation for cryptocurrencies was $1.16 trillion, showing a 0.90 percent increase in value over the previous 24 hours.
Data from Dune's chart suggests that the selling pressure in the cryptocurrency market is almost over.
Are you bullish?
— whalechart (@WhaleChart) March 26, 2023
As a result, the recent surge in the global cryptocurrency market may have an impact on the price of Ripple’s XRP.
With Bitcoin and Ethereum, two of the most valuable cryptocurrencies, experiencing significant gains, investors may also turn their attention to XRP, which is currently ranked #6 in terms of market capitalization and has already gained considerable traction.
$XRP is up 31% today.
Outperforming nearly every cryptocurrency on the market.
And SEC settlement impending#XRPCommunity #XRPHolders #xrp #ripple pic.twitter.com/wT3tIPQhSe
— GoodCoin (@Arkeolo95630201) March 22, 2023
If the positive sentiment in the crypto market continues, it may lead to higher demand for XRP, driving up its price even further. Furthermore, if the SEC action against Ripple succeeds, it might increase investor trust in the cryptocurrency and propel its value even higher.
Ripple’s CEO Is Optimistic About the Outcome of the SEC’s Lawsuit
Ripple Labs president Monica Long seems very hopeful about the outcome of the lawsuit filed by the SEC against Ripple, which claims that its XRP token is a security. Long expressed hope in a recent CNBC interview, arguing that both the facts and the law are on Ripple’s side.
She also stated that the cryptocurrency business is looking for regulatory clarity and confidence from the US market regulator. As a result, the positive decision may enhance Ripple’s XRP price by clarifying its legal position and possibly increasing adoption by financial institutions.
Ripple optimistic about reaching positive resolution to SEC case, said Monica Long, president of Ripple Labs pic.twitter.com/UNQVLNxtXA
— CNBC International (@CNBCi) March 22, 2023
It is crucial to remember, however, that the case may take some time to settle, potentially not until the end of 2023.
Long also highlighted the current cryptocurrency rise in the midst of a financial crisis, including the closure of crypto-friendly banks. She believes that the upward rally in the crypto market is proof that cryptocurrency and blockchain technology increasing day by day, despite recent events.
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This article was written for Business 2 Community by Arslan Butt.
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