In the midst of recent cryptocurrency market turbulence and forced sell-offs, XRP, backed by Ripple Labs, is pushing to regain a bullish momentum. While Bitcoin (BTC) saw a modest 3.2 percent decline over the past week, hovering around $65,200 as of Wednesday, XRP managed a 2 percent gain during the same period, stabilizing at about 49 cents at the time of reporting.
Dive deeper to find out why experts are buzzing about this.
XRP, a prominent altcoin with a market value of around $49 billion and a daily trading volume averaging $1.4 billion, has benefited notably from clearer regulatory signals in the United States.
Earlier this week, the U.S. Securities and Exchange Commission (SEC) proposed a hefty $102.6 million fine against Ripple for allegedly violating securities laws in its XRP sales to institutional investors. Ripple, however, argues for a reduced penalty of $10 million, citing precedents from similar settlement cases. Notably, a previous court ruling determined that XRP sales on exchanges do not breach securities laws, offering some legal clarity for the cryptocurrency.
Despite legal challenges, Ripple remains focused on expanding its global presence, aiming to facilitate seamless cross-border payments through its XRPL platform. Recently, Ripple completed its acquisition of Standard Custody, bolstering its global web3 portfolio which includes Metaco.
Additionally, Ripple continues to enhance XRPL’s capabilities, with a focus on enabling the multi-chain tokenization of real-world assets (RWA).
Recent data from CryptoQuant shows a significant increase in Open Interest (OI) for XRP, reflecting its rising market value following updates on the SEC settlement.
Looking ahead, if XRP’s Open Interest continues to climb in the coming weeks, analysts anticipate the altcoin could surpass current resistance levels, potentially targeting a range between 54 cents and 58 cents.
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