XRP Price Surges Ahead of Bitcoin and Ethereum, Driven by Increased Daily Transactions
The XRP price has experienced a significant surge, rising over 10% in the past day to surpass the $0.68 level. This surge has placed XRP ahead of other major cryptocurrencies like Bitcoin and Ethereum in terms of market capitalization. While the reasons behind this outperformance are multifaceted, there are key factors that have been driving XRP’s recent rally and could potentially provide further upward momentum.
One factor that may be contributing to the rise in XRP’s price is the increase in daily transactions on the XRP Ledger. Over the weekend, there were notable metrics indicating a rise in the number of transactions being carried out on the XRP Ledger. According to data from BitInfoCharts, daily XRP transactions dropped below the 1 million mark at the end of October but rebounded above 1 million by November 1, with a further jump above 1.1 million on November 5. This surge in transaction volume suggests a growing interest among blockchain participants, which is likely fueling the increase in XRP’s price.
Additionally, Ripple, the company behind XRP, is nearing the end of a lengthy legal battle with the United States Securities and Exchange Commission (SEC). Ripple has secured multiple victories against the SEC this year, and there are indications that a potential settlement may be reached. While the SEC initially sought a settlement amount of $770 million, legal experts have speculated that this figure may be lowered. Pro-XRP attorneys have suggested that Ripple could end up paying as little as $20 million, which would be seen as a significant victory for the company. The resolution of this lawsuit is anticipated to have a positive impact on the XRP price, as it would remove a major hurdle that has weighed on the cryptocurrency for years.
Furthermore, the possibility of a Ripple initial public offering (IPO) has been a topic of conversation within the community. If Ripple were to go public, experts predict that its valuation could surpass $100 billion, which would likely have a positive ripple effect on the XRP price. While some believe that an IPO could be detrimental to the XRP price, crypto expert Panos Mourkas argues that it would actually increase awareness of Ripple and any asset associated with it, including the XRP token. Mourkas highlights that Ripple is a single company, whereas XRP is a universal digital asset with limitless potential.
Overall, the recent surge in the XRP price can be attributed to several key factors. The rise in daily transactions on the XRP Ledger indicates increasing interest in the blockchain, driving up demand for XRP. Additionally, the nearing conclusion of Ripple’s lawsuit with the SEC and the potential for an IPO have also contributed to the positive sentiment surrounding XRP. As XRP continues to outperform other cryptocurrencies, investors are closely watching these factors for further price movements.
Sources:
– XRP God Candle Is Coming
– Rise In Daily Transactions Could Be Driving The XRP Price
– Ripple Lawsuit Coming To A Natural End
– A Possible IPO
❗Follow us on Twitter to get all the latest crypto news as soon as they're out! 🚀
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
View J-S Tremblay website
