3 - 5 minute read
XRP, the native asset of Ripple, is leading the crypto market with a gain of 5.3% on the day. The increased performance is believed to be driven by optimism surrounding a potential victory against the Securities and Exchange Commission (SEC) and stronger fundamentals within the company.
Despite no specific news from Ripple, the company’s XRP asset has seen a growth of over 6% since 2 January. In the first week of the year, XRP is also leading the market.
BitBoy Crypto creator Ben Armstrong has expressed confidence in a victory for Ripple against the SEC this year, and has even predicted that SEC chair Gary Gensler will resign. Gensler has been pushing for the classification of crypto assets as securities and stricter enforcement measures within the industry.
2023: The year the $XRP case ends and the Ripple curse is broken.— Ben Armstrong (@Bitboy_Crypto) January 1, 2023
Also the year @GaryGensler is forced to resign from the @SECGov
However, the case against Ripple is not expected to be concluded until Q2.
In addition to the optimism surrounding the SEC case, Ripple has also been actively working on new products and services for the coming year. The company has expanded its offerings from just three products a few years ago to include RippleNet and ODL (on-demand liquidity), and has seen an increase in partners being onboarded.
Analytics provider Santiment has also noted an increase in on-chain and whale activity within the XRP market. Despite negative sentiment in the market, XRP prices have not been significantly impacted, potentially indicating that “sellers are ‘exhausted,’ meaning that there are fewer and fewer sellers willing to sell at current prices.”
A brief overview for folks reading about @Ripple & $XRP use in 2023. Years ago, Ripple offered 3 products:— WrathofKahneman (@WKahneman) January 2, 2023
xCurrent = payment messaging
xRapid = #XRP as bridge currency
xVia = an API solution
Co's originally signed bilateral agreements w/ partners to move value. And now?
XRP is currently trading at $0.349 at the time of press, though it has fallen 4.6% over the past week and remains range-bound. Despite a drop of 10% in the past month and a 90% decline from its all-time high reached five years ago, XRP is still the top-performing asset among the top twelve.