XRP shows positive momentum, price shoots higher in heavy trade
According to a recent analysis by crypto YouTuber A Chain of Blocks, XRP — the cryptocurrency associated with Ripple — is outperforming other coins in combined social and market activity, according to data from Lunar Crush.
As a result, the price of XRP has surged, with social volume and engagements growing exponentially.
On March 28, XRP has increased by over 3% and almost 25% in the past two weeks. Ripple’s payment solution is praised for its efficiency, speed, and low cost, making it ideal for cross-border transactions. Over the last 24 hours, XRP gained a further 8.7%.
XRP moves higher
The ongoing case between Ripple and the securities and exchange commission (SEC) could potentially impact XRP’s future. A recent ruling by judge Michael Will in a separate case involving Binance’s acquisition of Voyager may bolster Ripple’s defense.
The judge stated that the SEC had provided limited guidance to market participants.
Crypto analyst John Deaton has argued that XRP has the most attractive risk-reward ratio. He suggests that if the SEC wins, Ripple may appeal. However, if Ripple wins and XRP is deemed not a security, its upside could be significant.
A controversial proposal from Jimmy Valli, creator of the XRP buyback program, involves collateralizing a new bank using XRP tokens. However, ex-Ripple developer Matt Hamilton has pointed out that the price of XRP, like any other cryptocurrency, is determined by market forces, not arbitrary decisions.
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In global economic news, countries like Russia and Saudi Arabia are considering using the Chinese yuan for international payments, moving away from the USD. This shift may further impact the dominance of the USD and the global economy.
The economic situation worldwide, including the potential decline of the USD, may affect cryptocurrencies like XRP. As the market changes, investors and users of cryptocurrencies should remain vigilant and stay informed about developments in the global economy and regulatory environment.
Meanwhile, the geopolitical landscape also continues to evolve, with growing tensions between various nations. Investors should consider the potential impact of these tensions on the cryptocurrency market and be prepared for sudden changes.
The video host said that as XRP price keeps growing, the community awaits the outcome of the Ripple vs. SEC case, which could have significant implications for the cryptocurrency’s future. In the meantime, the growing social mentions and bullish trend suggest that the XRP community remains optimistic about the coin’s prospects.
It is essential for investors to keep an eye on global economic and political events and consider their potential impact on the cryptocurrency market. With the fast-paced nature of the crypto world, staying informed and vigilant is crucial for making well-informed decisions.
Read more: Ripple vs SEC: XRP price could skyrocket 7000%, analyst claims