News

XRP Price Skyrockets, Promising Profits Amid Key Ruling

Key Points:

  • 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.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets

Grand Cayman, Cayman Islands, 22nd November 2024, Chainwire

4 minutes ago

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

1 hour ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

3 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

3 hours ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

3 hours ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

5 hours ago

This website uses cookies.