XRP blasts higher with crypto market under selling pressure
The ongoing legal battle between Ripple and the SEC over the classification of XRP has impacted the cryptocurrency market, amidst bitcoin’s downtrend.
The ongoing legal battle between Ripple and the Securities Exchange Commission (SEC) over the classification of XRP as a security has had a significant impact on the cryptocurrency market. The judge of the case getting closer to the summary judgment.
XRP’s current price is up 4.7% at $0.396771, even amidst bitcoin’s downtrend.
Most XRP investors and the crypto community believe that Ripple will win the case against the SEC which will make Ripple the second cryptocurrency to become a commodity. The only other crypto to become a commodity is bitcoin, which has gained the respect as the number one ruling cryptocurrency in the world.
XRP’s growing usefulness as a payment token in various jurisdictions and partnerships with other payment start-ups worldwide have been driving up buying interest in the cryptocurrency. Moreover, XRP’s reputation is stronger than many emerging digital currencies with a wide ownership base with a market capitalization of $19.6 billion dollars.
The tweet by Brad Garlinghouse, the CEO of Ripple, expresses confidence and optimism in Ripple’s legal battle with the SEC. This tweet is likely to be seen as positive news for XRP, as it suggests that Ripple’s executives believe that the outcome of the lawsuit will be in their favor since the SEC has recently lost other cases this week from Voyager and Grayscale.
The tweet by XRPcryptowolf refers to an article discussing how XRP could potentially play a crucial role in the development and implementation of Central Bank Digital Currencies (CBDCs). The article explains that Ripple’s technology and XRP’s use case as a bridge currency could enable seamless and efficient cross-border transactions for CBDCs.
For early investors of XRP, this potential use case for CBDCs could be significant as it could drive up demand and adoption of the cryptocurrency, potentially leading to an increase in its value.
It is important to note that CBDCs are still in their early stages of development and implementation, and their success and adoption are not guaranteed. Hence, investing in XRP based solely on this potential use case carries significant risk.
However, the outcome of Ripple’s lawsuit with the SEC could have a huge impact on the entire crypto industry, and until the lawsuit is resolved, the crypto market is likely to remain volatile.