XRP Ledger Growth Rampant Amid Ripple’s US Regulatory Woes

XRP News: With the surge in XRP price, the focus is now on Ripple’s products, of which the XRP Ledger is highly talked about. While on one side the US regulatory landscape is yet to offer any clarity around the XRP lawsuit, the altcoin is currently standing out among top cryptocurrencies. This comes at a time when even Bitcoin price appears to be ready for sideways movement ahead of the crucial Federal Open Market Committee (FOMC) decision on interest rates.

Also Read: SushiSwap Served With Subpoena By U.S. SEC; Calls For “Legal Defense Fund”

The latest XRP price rally follows a notice submitted in court by Ripple in support of its previous filings. The company filed a letter notice of supplemental authority to gain support for the fair notice defense. This might probably be the reason as whale activity fueled a price rise for the altcoin even as many top cryptocurrencies were bleeding. Already, the crypto market is in anticipation of the Fed rate hike decision which is set for March 22, 2023.

XRP Ledger Growth

Latest data on the XRP Ledger activity shows an impressive rise in traction for the digital payments infrastructure. Since February 2021, the number of XRPL accounts have more than doubled and approaching 5 million. But the growth is despite the regulatory scrutiny with the SEC lawsuit in the United States, which is in the Summary Judgement stage. On XRPL, the XRP tokens are used for wallet reserves and transaction fees among others.

The XRP Ledger essentially facilitates and settles cross border transactions while the XRP token and its price is not directly related with it. But, Ripple intends that the overall ecosystem will be incentivized using the token for better reach and liquidity.

Also Read: XRP Gains 12% While Top Crypto Bleeds; Whales Reacts To Court Filings?

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Reach out to him at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.