XRP, the digital asset associated with the crypto payment company Ripple, has experienced a remarkable surge in value over the past week, emerging as the most profitable cryptocurrency among the top digital assets by market capitalization. With a 10% increase during the week, XRP was able to smooth out the negative price action of the last two weeks and get back to the $0.5 per token zone.
The first reason is a new development in the SEC's case against Ripple, which also resolves the status of XRP. A few days earlier, the court denied the regulator's motion to seal Hinman's documents. The decision was accepted by the crypto space as rather pro-Ripple, and XRP got a legitimate boost to its price.
To learn more about why the Hinman documents are so important and what it means for XRP, check out this piece from U.Today.
Another key driver of XRP's success this week is the ongoing developments and partnerships surrounding Ripple. Despite the fact that the crypto company and the cryptocurrency are not officially linked, the fact that Ripple is actively using and implementing XRP in its services has an impact on its price.
This week, it was announced that the crypto company will participate in the development of a digital Hong Kong Dollar at the initiative of the city's monetary regulator. At the same time, it was announced that Ripple will launch its own CBDC platform, which will allow financial institutions, governments and central banks to create their own digital currency on a turnkey basis.
Yuri Molchan
Godfrey Benjamin
Alex Dovbnya