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XRP Is Most Profitable Coin of Week So Far, But Will It Hold at Top?

Thu, 03/09/2023 - 15:04
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Gamza Khanzadaev
XRP takes over top 100 cryptocurrencies this week as most profitable coin
XRP Is Most Profitable Coin of Week So Far, But Will It Hold at Top?
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According to CoinMarketCap, XRP is currently the most profitable cryptocurrency of the week among the 100 largest coins by market capitalization. Thus, since Monday, the price of the token has risen 7.7%, despite the crypto market itself having fallen 2.6% in the same period, losing $26 billion and returning before the $1 trillion mark. XRP is currently quoted at $0.395 per token.

XRP, Cardano (ADA) Reveal Key Signal for Traders, Here's What to Know

Behind XRP in terms of profitability are Shiba Inu's BONE, whose rise is also being driven by fundamentals in the form of Shibarium, which is promised to be released this week. In this case, it is possible that the long-awaited release will prove to be a "sell the news" event.

XRP, Ripple and SEC

The XRP price has risen every day of the week, but the biggest boost came on Tuesday. At that time, it was also reported that Judge Torres had rejected testimony from an SEC expert on investors' motives for buying XRP. According to pro-crypto lawyers, the judge's decision could be fatal for the regulator, as the only argument on the issue remains the one provided by XRP holders themselves.

XRP to USD by CoinMarketCap

SEC v. Ripple: XRP's Fate to Be Decided by Trial, Crypto Lawyers Agree

Whether the positivity in the SEC case against Ripple will help keep XRP quotes alive and keep them from falling alongside the market is an open question. Based on historical data, the XRP price will ultimately follow a trend, and any deviations from the general direction of the crypto market are seen as temporary.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.