XRP Price Skyrockets, Promising Profits Amid Key Ruling
- XRP gains momentum with 2.45% price increase in 24 hours, sparking optimism ahead of key ruling in the SEC case against Ripple Labs.
- Recent price increase may be tied to case’s anticipated outcome.
- XRP still down 86.11% from all-time high of $3.40 in 2018.
XRP, the cryptocurrency linked to San Francisco-based company Ripple Labs, has recently shown some signs of momentum.
According to CoinMarketCap, over the past 24 hours, it has recorded a 2.45% increase in price. This comes as a welcome relief, as other major altcoins have also recorded incremental gains over the past few days after recent losses. However, Bitcoin remains in limbo, sitting below the $28,000 level. While the recent price uptick has sparked optimism within the XRP community, it is important to note that the cryptocurrency is still down 86.11% from its all-time high of $3.40, which was recorded on January 7, 2018, according to CoinGecko data.
Despite the significant drop from its all-time high, some within the XRP community remain optimistic. There is speculation that the recent price increase may be tied to the anticipated outcome of the ongoing Securities and Exchange Commission (SEC) case against Ripple Labs. Ripple CEO Brad Garlinghouse has previously predicted that the case could be resolved in the first half of 2023, and many are hoping for a favorable outcome.
Interestingly, there is currently some debate within the XRP community over the actual all-time high price. Ripple’s chief technology officer David Schwartz recently weighed in on the matter via Twitter. He explained that the $3.84 figure cited by some as the all-time high is misleading because it includes Korean exchange rates that valued the won at an official exchange rate, which was not obtainable in reality. Schwartz added that it was never possible to actually obtain $3.84 for one XRP due to South Korean capital restrictions.
While the recent price increase is certainly a positive development, there are still many uncertainties surrounding XRP’s future. The ongoing SEC case is just one factor that could impact the cryptocurrency’s value. However, the XRP community remains hopeful and optimistic about the cryptocurrency’s potential for future growth and success.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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