XRP, supported by Ripple Labs, showed signs of growth among top altcoins as Bitcoin‘s price momentarily surpassed $67,000 in the previous 24 hours. Based on current market information, XRP was priced at around 55 cents during early trading in London on Tuesday. This represented a nearly 3% increase from the previous day. With a fully diluted valuation (FDV) of approximately $54.8 billion, XRP had an average daily trading volume of roughly $1.56 billion.
XRP Whales on a Buying Spree
After the Bitcoin halving event last weekend, which occurred for the fourth time, large investors in cryptocurrencies have started paying closer attention to XRP. Additionally, if past trends hold true, XRP’s price could be on the verge of a significant bull market rally.
Based on information from market analysis tool Santiment, there has been a 3.1% increase over the past six weeks in the quantity of XRP wallets holding one million or more coins.
🐳 The price of #XRP has jumped ahead of the #altcoin pack, jumping +6% and as high as $0.5687 today. The amount of wallets, 2,013, holding at least 1M $XRP has been surging over the past six weeks (rising 3.1%), and is within 1 wallet of the #AllTimeHigh.
— Santiment (@santimentfeed) April 22, 2024
The rising number of large XRP transactions suggests that the market’s bulls are gaining strength and a significant price increase may soon occur. Additionally, the cryptocurrency market is currently experiencing a long-term bull trend due to several factors, including increasing institutional investment, global instability, the Bitcoin halving event, and anticipated U.S. interest rate cuts before the elections.
XRPL Evolves Via Web3
Ripple is enhancing its XRPL network to adapt to the web3 sector and the tokenization of real-world assets (RWA). According to Coinspeaker’s latest report, Ripple plans to introduce a stablecoin pegged to the US dollar on the XRPL network by the end of this year. The arrival of an XRPL-supported stablecoin will bolster Ripple’s position in collaborating with governments on CBDC projects and businesses involved in asset tokenization.
After introducing XRPL-backed stablecoins, Ripple introduced an Automated Market Maker to enhance XRP‘s market fluidity. Meanwhile, Ripple’s long-term goal is to optimize international transactions via its On-Demand Liquidity (ODL) solution.
Ripple Fights SEC
The legal battle between the US SEC and Ripple is significantly impeding XRP‘s advancement. Nevertheless, Ripple remains undeterred and persists in challenging the US SEC using all feasible means and precedents from past cryptocurrency cases.
In recent developments in the ongoing SEC vs Ripple case, Ripple, the blockchain payments firm, has submitted its opposition to the SEC’s request for a $2 billion penalty and final judgment. Remarkably, Ripple strongly disputes the SEC’s proposed fine, which is significantly higher than the 0.6-1.8% range of fines imposed in comparable cases.
In their motion, Ripple’s lawyers argued that the Court should reject the SEC’s plea for an injunction, disgorgement, and pre-judgment interest, and instead impose a civil penalty not exceeding $10 million.
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2024-04-23 11:48