Most crypto markets are recovering from yet another violent market pushback recently. One asset performing rather well is Ripple’s XRP, which sees a push to $0.8. Some exciting behind-the-scenes developments are paving the way for a higher XRP price over the coming months.
XRP Price Shows Potential
Most crypto markets offer little to no bullish outlook today. Instead, they are still recovering losses sustained over the past few days. Although there was no immediate reason for this unexpected market pushback, it drove the value of Bitcoin and Ethereum lower by several percent. Unfortunately, alternative markets lost more value, leaving speculators dissatisfied.
Today, the XRP price shows some upward momentum and is more outspoken than other top markets. A net 8.8% daily gain is rather impressive. Additionally, the asset has gained nearly 8% in the XRP/BTC ratio, confirming overall growth. Moreover, there is over $4 billion in trading volume for the day, showcasing a strong demand for Ripple’s XRP ahead of the weekend. Sustaining such volume throughout Saturday and Sunday will pose different challenges, though.
XRP Goes Cross-Chain
This week, one of the more interesting developments is the cross-chain interoperability between XRPL and Binance Smart Chain. More specifically, the team will achieve that goal through a partnership between Allbridge and Sologenic. As a result, the SOLO tokens can flow from XRPL to BNB Chain to unlock additional decentralized finance opportunities.
Cross-chain bridges do not have the best reputation in the crypto industry. The recent Ronin Bridge incident has made numerous headlines. One can only hope this BNB Chain-XRPL bridge performs much better and has fewer drawbacks.
SEC Court Battle Continues
For those who hoped the SEC-Ripple battle would come to an end soon, that remains an unlikely outcome. However, Ripple CEO Brad Garlinghouse is confident things are “progressing well” and will end up in favor of Ripple. Should the SEC lose the case, it will face plenty of laughter and criticism for its biased approach in this matter. A positive outcome can push the XRP price much higher, although nothing is guaranteed in this industry.
Tranglo (Ripple Investment Partner)
The latest bit of news may not impact the XRP price directly. However, Ripple investment partner Tranglo launches its Tranglo Business payment solution. This is an intriguing announcement, considering the company recently partnered with Ripple for its on-demand liquidity technology. The ODL solution relies on XRP to bridge between currencies. Exact details on how this new feature will work have not been announced yet.
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