Recently, the interest in XRP, an international cryptocurrency, has increased to $800 million. This happened after the verdict in the case between Ripple and the US Securities and Exchange Commission (SEC) was announced.
According to the Binance exchange, the popularity of XRP has increased significantly since the verdict was announced. In particular, the trading volume on Binance tripled in a few hours, reaching $800 million.
It is expected that this year will be the “altruist season” in the cryptocurrency market, when investors will pay attention to lesser-known cryptocurrencies, in addition to well-known leaders such as Bitcoin and Ethereum. Other cryptocurrencies, such as XRP, can make significant gains as a result.
XRP is one of the best-known alternative cryptocurrencies that is popular among investors and traders. According to CoinMarketCap, it is the fourth largest cryptocurrency in terms of capitalisation among all cryptocurrencies on the market.
Earlier this year, however, Ripple Labs, the company behind XRP, was sued by the Securities and Exchange Commission for illegal sales of the cryptocurrency. This led to a significant decline in the price of XRP and interest in it. But now, after the SEC’s decision, investors have begun to show interest in this cryptocurrency again, which may lead to additional changes in its price in the near future.
In general, the growing interest in XRP may indicate that the cryptocurrency market continues to grow and the SEC’s verdict against Ripple.
For those who are not aware, the SEC filed a lawsuit against Ripple in December 2020, accusing the company of illegally selling securities in the form of XRP tokens totalling $1.3 billion. In its defence, Ripple argues that XRP is not a security but a cryptocurrency and that the company did not sell tokens as investment products.
The case has a significant impact on the cryptocurrency market, as Ripple and XRP are popular among crypto investors and traders. Investors are hoping that the negotiations between the SEC and Ripple will lead to a positive outcome for the company and their XRP token, which will increase their value.
The season of altruists
Crypto investors use the term “altcoin season” to describe a period when prices of altcoins, i.e. cryptocurrencies that are not bitcoin, tend to rise. This may be due to the growing general interest in cryptocurrencies, as well as the increasing use of blockchain technologies in various industries.
The cryptocurrency market is currently experiencing an upswing, which may be due to hopes for a positive outcome in the SEC’s case against Ripple. Investors hope that the increased interest in XRP may lead to further growth in the value of the token, as well as to an increase in the value of other altcoins.
Based on recent developments, we can say that interest in XRP has increased, and crypto traders are hoping for a positive development of the situation with the SEC. Nevertheless, it should be borne in mind that the cryptocurrency has not yet emerged from the influence of the court case and regulatory risks. This can lead to price fluctuations and increased volatility, which are not recommended for investment in the short term. Also, it should be remembered that cryptocurrencies are not a risk-free investment, so you should study the risks in detail and consult with experts before investing.