XRP Value Surges By 33% Amid Ongoing Court Cases

XRP Value Surges By 33% Amid Ongoing Court Cases

Latest news has it that XRP’s value has demonstrated extraordinary durability despite ongoing legal fights and regulatory obstacles, despite Ripple being accused by the SEC of selling XRP as an unregistered security. Industry watchers today revealed that XRP’s value has increased by 33% in the last five years, indicating significant growth.

Recall that the Security and Exchange Commission (SEC) sued Ripple in December 2020, claiming that XRP was being offered as an unregistered security and hence subject to United State securities laws. Ripple has always insisted that XRP is a digital currency that runs apart from the corporation rather than a security.

Rachael Rajan from Investing.Com has said that the ultimate decision will probably influence the future classification and regulation of cryptocurrencies. Rajan also added that the need for comprehensive and unambiguous legislation that can adapt to the changing Bitcoin landscape has been brought to light by judicial actions.

Past And Present Price Analysis Proves XRP is Healthy

Previous price analysis has it that XRP was trading at $0.45 per coin in October of 2018. Gary Gensler, the Security and Exchange Commission Chairman, while speaking on the potential of the altcoin ETF, mentioned the spot XRPL ETF, explaining that it will affect the XRP performance in the future. Gensler also said that the XRP has been tagged as the best option for mega-banks in the future, considering its huge adoption.

SEC is currently demanding $770 million in penalties from Ripple for what they termed “a violation of security laws.” The BTC price movement was also indicted as factors affecting the rising price of the XRP. Recent analysis also has it that the recent approval of a spot BTC ETF from major companies like BlackRock and Grayscale has the propensity to positively push the price of XRP.

Implications Of The Court Verdict Explained, Binance Introduces New Coin

Analysis of the Investing.Com platform says that the outcome of Ripple’s case will help create regulatory certainty for digital assets, especially in the United States, which would have a big impact on the cryptocurrency market.

Meanwhile, as of press time, XRP is trading at $0.610665, recording $1,554,957,228 in trading volume in the past 24 hours. Data from CoinMarketCap also said that the $0.610665 price mark is a 0.76% increase in the last 24 hours. XRP is ranked #5 on CoinMarketCap trade ranking, with a current market capitalization of $32,741,316,791.

On the other hand, Binance Exchange has listed Memecoin ($MEME) on its trading platform. From the description given to it, Memecoin is an ERC-20 token introduced by 9GAG today. This development is coming after it was also successfully launched on the Binance Launchpool.

This recent development is expected to give Memecoin much-needed exposure, taking advantage of the community already built around 9GAG and Memeland. Information has it that there will be different trading supports for the Memecoin. Some of the listed support pairs include Bitcoin) BTC), Tether (USDT), Binance (BNB), First Digital USD (FDUSD), TrueUSD (TUSD), and TryHards (TRY).

It was gathered that Binance is working on introducing Trading Bots services for the MEME/USDT pair in the next 48 hours of introducing the new coin. This service will offer zero fees on particular pairs pending when the company stops the service. Data has it that Memecoin market capitalization dropped by 21%, while the trading volume has remained fairly same at $198,172,059.

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Jesse Rosenbalm
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Jesse Rosenbalm

Jesse Rosenbalm stands out in the crypto journalism realm, seamlessly blending intricate blockchain concepts with accessible prose. Known for his deep dives and accurate forecasting, Jesse's articles are a must-read for both novices and experts. As crypto trends shift, his insightful writings remain a beacon in the digital currency space.

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