Why is the xrp cryptocurrency exploding

Ripple’s xrp cryptocurrency price jumped an impressive 75% from $0.3200 to $0.5615 between September 16 and 23.

It is the hottest cryptocurrency of the moment. In recent days, xrp, Ripple’s cryptocurrency, has posted spectacular gains. Its price made an impressive jump “by 75%, from $0.3200 to $0.5615 between September 16 and 23. xrp price successfully weathered a week characterized by many external forces related to ‘inflation and the global economy’, reports fxstreet. As of 11:15 a.m. this morning, the cryptocurrency is trading at $0.47, however, it has lost 2% since Sunday.

Revenge against bitcoin and ether?

Therefore, xrp seems to be the cryptocurrency of the moment, while bitcoin lost 10% in a month and ether 20% according to data from Boursorama. The third largest cryptocurrency in terms of capitalization according to Coinmarketcap data -23 billion dollars in capitalization- would it be taking revenge against the two great ones?

Explanations can be found thanks to a legal precedent that could be a milestone. The SEC, the American stock market police, has been on trial for two years against Ripple Labs, the ecosystem that manages the xrp cryptocurrency, with a very specific accusation. She considers xrp to be a classic market asset and as such holds Ripple Labs responsible for selling them without properly informing the public and investors.

Towards a dollar?

A truly existential danger for this cryptocurrency when, precisely, this entire small world suffers from the fact that the market authorities cannot really decide on its true nature and on the appropriate framework. There, the SEC shot Ripple.

But the proceedings are dragging on so long that the court in charge of the case could make a decision soon. With two possible outcomes, according to analysts: either the judge dismisses and therefore xrp remains a cryptocurrency, or in the worst case, there is a favorable window of opportunity for Ripple Labs and the SEC to settle the matter. in a friendly manner without judgment.

So, in both cases, favorable underlying dynamics could send Ripple prices soaring, why not towards $1. In any case, we are undoubtedly at the dawn of a very important precedent in terms of regulation, finally, in the world of cryptocurrencies.

Antoine Larigaudrie edited by PA.

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