Cryptocurrency markets always tend to do things few people expect them to. The XRP price has hit $1 again in today’s edition, whereas other markets show far less bullish momentum. As the ongoing SEC lawsuit appears to be entering the final stage, an interesting future lies ahead.
Impressive XRP Price Surge
When it comes to analyzing cryptocurrency markets, anything can happen when people least expect it. A market recovery for Bitcoin and Etheruem remains out of reach – for now – but alternative assets are slowly moving up the ranks again. One of the strong gainers today is Ripple’s XRP, which has hit a price of $1 for the first time since May 27th. This uptrend will please many holders and speculators.
A 14.5% gain out of the blue is always a bit surprising. Whereas most people expected Ripple’s asset to keep trending lower, the dip may have come to an end. That doesn’t automatically mean all crypto markets will show signs of recovery in the coming days. Even so, this is a positive sign for the broader industry, as the ongoing bearish trend may finally begin to reside.
As things stand, the majority of XRP’s trading volume comes from Binance, Bitrue, Huobi Global, BiKi, and OKEx. On those exchanges, the majority of trading occurs against Tether’s USDT. On Binance, however, there is some decent volume for XRP/BTC as well. The popularity of that trading market will depend on whether the Bitcoin price notes some recovery this week.
The XRP price can be fascinating to keep an eye on, yet it only tells part of the story. Similar to other ecosystems, Ripple needs to keep expanding its reach and presence to remain successful. RippleNet has gained another use case, as Oman’s second-largest bank BankDhofar will launch a mobile banking payments solution as a corridor to India. An intriguing development, although one that can have a severe long-term impact.
The bigger news, however, pertains to the Ripple vs. SEC lawsuit. As Judge Netburn denied the SEC access to Ripple’s legal memorandum, an interesting situation occurred. It appears a settlement between both parties will remain the more favorable outcome, although it remains unclear if that will be the outcome. Most community members see this as a good sign, although opinions may remain divided on that front.
— James K. Filan (@FilanLaw) May 30, 2021
A second point of emphasis is how the XRP community has seemingly had it with the SEC altogether. Several individuals took it upon themselves to “protest” in front of the SEC headquarters. Although this is rather interesting, it is also a relatively pointless endeavor. While it can create some buzz across social media, it will not influence the current lawsuit in any way.
— Andrew H (@andyh479) May 28, 2021
Whether all of these developments are enough to warrant XRP at $1 will always remain questionable. Similar to other assets, the value per XRP primarily depends on speculation first and foremost. As the current bear market may not entirely be over yet, trading with caution remains advisable.
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