{"id":543288,"date":"2023-07-19T06:52:24","date_gmt":"2023-07-19T06:52:24","guid":{"rendered":"https:\/\/wncen.com\/?p=543288"},"modified":"2023-07-19T07:14:41","modified_gmt":"2023-07-19T07:14:41","slug":"xrp-flexes-muscles-ripple-token-unfazed-by-crypto-turmoil-with-60-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/xrp-flexes-muscles-ripple-token-unfazed-by-crypto-turmoil-with-60-rally\/","title":{"rendered":"XRP Flexes Muscles: Ripple Token Unfazed By Crypto Turmoil With 68% Rally"},"content":{"rendered":"
A U.S. district judge decided that XRP was not a security after Ripple’s victory over the United States Securities and Exchange Commission; the token’s price has since surged sharply.<\/p>\n
Among the top 25 cryptocurrencies, the token native to the Ripple payment system had the best 24-hour performance. XRP has regained the number four spot by market capitalization, moving past Binance’s problematic BNB coin.<\/p>\n
Importantly, XRP held its ground, unaffected by the turmoil gripping the broader crypto market as the leading cryptocurrency Bitcoin threatens to lose its grip on the crucial $30,000 handle, and many altcoins begin the day in a sea of red.<\/p>\n
XRP is a cryptocurrency that Ripple employs to transfer funds internationally. With a market capitalization of $37.8 billion, it is the fifth-largest cryptocurrency in circulation.<\/p>\n
According to crypto market tracker Coingecko data, XRP was trading at $0.814, an increase of nearly 10% over the previous 24 hours. At the time of writing, however, it was in the weekly timeframe that the token proved its worth, skyrocketing by nearly 68%.<\/a><\/p>\n <\/p>\n Bitcoin (BTC) and ether (ETH), the two largest cryptocurrencies by market capitalization, are currently trading below their psychologically significant price levels of $30,000 and $1,500, respectively.<\/p>\n Although Bitcoin’s price has been fluctuating around the $30,000 mark recently, Jake Boyle, Chief Commercial Officer of Australian crypto exchange Caleb & Brown, has stated that significant price changes are unlikely unless certain crucial events transpire.<\/p>\n For the past three years, Ripple has fought the SEC on claims that the company and two of its executives made an illicit $1.3 billion in sales of XRP.<\/a> Ripple has refuted these allegations, maintaining that XRP is more akin to a commodity than a security.<\/p>\n <\/p>\n The SEC Ripple lawsuit’s ruling<\/a> was a significant moment for cryptocurrencies. Although XRP was deemed not a security, certain token sales were classified as securities transactions. This decision sheds light on the regulatory status and classification of cryptocurrencies by the SEC, impacting the entire industry.<\/p>\n It may trigger discussions and lead to clearer regulations for digital assets, boosting investor confidence and fostering a more stable market. The ruling’s ripple effects (no pun intended) may extend globally, influencing other countries’ regulatory approaches.<\/p>\n <\/p>\nSource: Coingecko<\/pre>\n
XRP price movement in the weekly chart. Source: Coingecko.<\/pre>\n
A Watershed Moment For Ripple<\/strong><\/h2>\n
XRP market cap currently at $41.5 billion on the daily chart: TradingView.com<\/a><\/pre>\n