XRP Leads Crypto Gains as Ripple Momentum Increases
XRP, the primary Ripple asset, is now surpassing its crypto counterparts. It seems that optimism over an SEC win and improved fundamentals are strengthening its performance.
The crypto markets are seeing slight fluctuations today, but Ripple’s XRP is creating waves. Since January 2, the cross-border payments asset has gained more than 6%. Furthermore, it is the market leader in the first week of the year.
However, there have been no particular updates from the Ripple camp. The decision seems to have been motivated by hopium and the prospect of a stronger year for the fintech company in 2023.
Ben Armstrong, the developer of BitBoy Crypto, was sure he would prevail against the Securities and Exchange Commission this year.
However, the contemporary cryptoclimate is still enveloped in darkness because of the outbreaks of 2022. This may prompt authorities to tighten their grip on the sector and firms dealing in digital assets.
Armstrong also anticipated the resignation of SEC chairman Gary Gensler. This would be fantastic news for Ripple and for the whole cryptocurrency sector. Gensler has been adamant about designating crypto assets as securities and enforcing stricter regulations.
However, the pending lawsuit against Ripple is unlikely to be resolved until the second quarter.
In 2023, Ripple is also aggressively developing additional goods and services in addition to the hopium. Members of the XRP community have highlighted Ripple’s planned innovations and application cases.
From only three products a few years ago, the firm has grown and simplified its offerings. As the business onboards additional partners, RippleNet and on-demand liquidity (ODL) activity has risen.
In addition, Santiment, a supplier of analytics, reports that on-chain and whale activity have been growing. The recent negative mood has not led to a decline in XRP values, according to analysts.
This might be an indication that sellers are ‘exhausted,’ meaning that fewer and fewer are prepared to sell at present prices.
XRP is presently trading 5.3% higher than it was 24 hours ago. Consequently, it has reached $0.349 at the time of publication.
Nevertheless, XRP has declined by around 4.6% over the previous week and is range-bound. However, it is now the best-performing asset among the top twelve.
Similar to most other cryptocurrencies, XRP has seen a 10% decline over the previous month. In addition, it is presently down 90% from its all-time high five years ago at this time.
Also Read: The Market Capitalization Of The Crypto Market Will Reach $800 Billion In 2023