There is so much happening for Ripple and its XRP token right now. Be it the latest lawsuit rulings going in the favor of the Ripple or XRP’s price surging amid the bear market conditions.
Recently, Ripples CEO Brad Garlinghouse said the court battle with the US SEC was turning out “exceedingly well.”
XRP prices surge by over 5%
XRP token has managed to decouple from the current market price dump action. Usually, altcoins react to Bitcoin (BTC) price movement. BTC is down by 2.7% in the last 24 hours and is trading below that $41,000 price level. On the other hand, the XRP token is up by over 5% in the last 24 hours. Meanwhile, XPR’s 24 hour trading volume of $2.53 Billion is also up by 51%. The price surge has landed the coin on the list of top gainers of the day.
Moreover, the crypto whales have also lent their interest in adding some more XRP tokens to their wallet. As per WhaleAlerts, Whales have added around $45.8 million worth of XRPs. Recently, Ripple’s native token overtook the Solana (SOL) token to become the 6th largest cryptocurrency.
XRP lawsuit nearing a closure?
Some days it’s difficult to find out the reason behind the price surge of a Token. However, it seems like the jump in XRP’s price is supported by the recent confident comments done by Ripple’s CEO regarding the long-running lawsuit against them. Mr. Garlinghouse is assured that their lawsuit with the commission is nearing a conclusion.
In a conversation with CNBC, Garlinghouse expressed that the case is going much better than he expected. As the case has been stretched for over 15 months, he believes that the justice procedure is quite a bit slow. He asserted that this lawsuit is not just important for the Ripple but for the whole crypto industry.
Adding on, Allbridge has joined hands with Ripple to integrate support for XRP Ledger (XRPL). It also mentioned that XRPL is the 14th chain they have added since January.
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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.
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Source: https://coingape.com/heres-why-ripples-xrp-price-is-surging-amid-a-market-crash/