Despite experiencing a price decline in recent times, XRP price now enjoys some high pressure. Bitstamp has reported that XRP price has attained its intraday peak price over the last few months. Its new ATH intraday price of the last two months is about $0.74. There has been over $7.2 billion worth of XRP traded over the past 24 hours. That figure represents about 5% total volume of all digital assets.
A 5-day XRP/USD chart. Source: TradingView
What’s Driving Up XRP Price?
Analysis from tradingview shows that while XRP might be trading at $0.69 as of this moment, it has risen by about 15.4% from yesterday till now, and has surged by more than 200% since the start of this year when compared to the American currency.
It is fascinating to note that the XRP price has surged by almost 19% from December last year before the company’s CEO (Brad Garlinghouse) announcement of impending legal action by the SEC against Ripple labs.
Many XRP loyalists would be impressed by these figures given the ongoing court case between XRP owners and the financial regulator powerhouse (the SEC). Recall that after America SEC’s announcement, all American-based crypto exchanges delisted the currency from their platform. Even though the company might be battling legal proceedings with the SEC, there three postulates on why Ripple’s digital currency is performing well.
- It is becoming quite clear that Ripple labs and SEC might eventually reach an accord or the company might even win the case. Should Ripple still lose the case, exchanges that de-listed them could still re-list so long the court ruling confirms that XRP isn’t a security.
- All altcoins, including XRP are experiencing a surge since the king coin (BTC) has remained steady between the $55K to $60K range over the last month
- As a member of the top 10 digital assets based on market cap, XRP is the cheapest. Its current price makes it an attractive proposition for buyers since it had attained previously attained a peak price of about $3.40. Hence, it seems like a bargain for buyers since similar digital assets are now close to or at their peak prices.
Ripple Keeps Expanding Its Services Amidst Its Legal Battle
Late last month, Ripple acquired a 41% stake in Tranglo, a Malaysian payments firm, which help push Ripple’s operations and make its ODL solutions easily accessible in the Philippines and other countries in that axis. Ripple’s fastest-growing userbase remains in southeast Asia mainly because it solves the cross-border payment problems facing that region. Last year, Ripple signed twice the number of deals it has signed in previous years in that region. Also, its transactions increased by over 1000%.
Known as a remittance network and for its super-fast transfer times, Ripple can perform the two-fold role of a payment platform and a currency (XRP). Making transactions quick and efficient was the main reason for the establishment of this open-source platform in the first place. Analysts are suggesting that once there is a resolution of the company’s lawsuit with the SEC, the XRP price might be trading around the $1 range next year.