XRP Price Surge 8% Amid Legal Tussle

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XRP Price Surge 8% Amid Legal Tussle

Last updated on May 18th, 2024 at 12:28 pm

XRP price surge – Ripple (XRP) has continued to show impressive gains for the better part of this week. The coin has grown over 8% amid Ripples’ legal battle with the SEC and an apparent volatile environment.

Despite the irregular market trend in the price of cryptocurrencies this week, XRP has maintained growth. According to data from CoinMarketCap, XRP has remained one of the top-traded cryptocurrencies over the past week. Its trade volume is up over 47% in the last 2 hours.

However, considering the level of volatility that the market is currently facing, the question of whether XRP will finish the week in “green” is yet to be known. Different cryptocurrencies grow at different rates. Bitcoin, for example, has dropped over 2% over the past day and has fallen below the key support level of $27,000.

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Market watchers are concentrating on how the movement in the leading coin may impact other cryptocurrencies, such as XRP. Despite the decoupling demonstrated by XRP thus far, the likelihood that its price will track that of Bitcoin in the short run is considerable, and market participants should be prepared for this.

Ripple (XRP) growth amid legal tussle

The legal battle between Ripple and the SEC has been going on since 2020. For context, the argument is on the classification of XRP, if it is a security or not. Amid the back and forth, the coin has continued to show growth and sustainability in its position in the market.

XRP has been able to show impressive price surge and performance in the first quarter of 2023 according to data from Messari, a crypto market insight network. According to the data provided, major indicators show an increase in activity, with daily active addresses and daily transactions increasing by 13.9% and 10.7%, respectively.

XRP has maintained its significance as a payment token across the board, allowing it to look past its soon-to-end legal struggle with the US Securities and Exchange Commission.

XRP price today

According to live data from CoinMarketCap, the price of XRP today is $0.4635. It is up 3.64% in the last 24 hours. Furthermore, XRP is ranked #6 on the CoinMarketCap chart with a live market cap of $23,943,008,068 USD.

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Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.