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The price of XRP has picked up again after a seemingly troubled start to the month. The price of the digital currency, per data from CoinMarketCap, is up 2.4% in 24 hours to $0.5397. With this mild rebound, XRP has soared from a 24-hour low of $0.5257, breaching the major resistance at $0.53 before resting at its current level.
XRP twist to watch
XRP remains one of the most estranged digital currencies on the market at the moment. Despite the United States Securities and Exchange Commission (SEC) claiming that most altcoins are investment contracts, the regulator has battered XRP the most.
Alex DovbnyaEmbroiled in a long-drawn lawsuit between Ripple Labs and the U.S. SEC, investors have mostly kept XRP at arm's length. The major twist concerning its price is that events surrounding the legal battle might continually weigh on investor sentiment.
With SEC’s notice of appeal and Ripple Labs’ cross-appeal, it remains unknown whether the verdict that XRP is not a security will be reversed. This uncertainty might hang over the cryptocurrency for at least a year, per the timeline of events outlined by top legal analysts.
Hanging onto positive straws
Ultimately, the price of XRP might benefit from other key ongoing events within the broader Ripple Labs ecosystem.
With Bitwise and Canary Capital now pushing for a spot XRP ETF product in the U.S., the coin has what it takes to benefit from growing institutional investor interest. Besides this, advances on XRP Ledger might also benefit XRP in more ways than one.
Arman ShirinyanGrowing liquidity pools, consistent XRPL upgrades, and the emergence of the RLUSD stablecoin from Ripple Labs remain crucial factors to watch. Ultimately, the digital currency has deep liquidity, as showcased in the 46.5% surge in trading volume to $837.09 million.
Tomiwabold Olajide
Vladislav Sopov
Dan Burgin