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XRP jumps to sixth place by marketcap following its recent win against the US regulator

Published by
Nonhlanhla P Dube

XRP has ascended to sixth place on CoinMarketCap, with a market value of R304 billion. Being able to outperform not only Binance USD but also Cardano and Solana is a significant achievement for Ripple’s native currency.

The native coin of Ripple, XRP, facilitates payment settlement between banks and digital asset exchanges. It reduces the number of extra processes required when sending money internationally, resulting in lower fees.

However, by breaking through substantial resistance, XRP surpasses Binance USD’s market cap and acquires an 8 % advantage. The key element influencing XRP’s sixth-place ranking is the coin’s weekly price increase of more than 21%.

Much more needs to be done in the battle between Binance USD and Ripple. However, both are still working hard to achieve progress that, given the right conditions, may lead to them taking fifth or fourth place—or perhaps a third and second place—in addition to maintaining their current positions of sixth and seventh.

Following news updates on the SEC v. Ripple litigation, the coin’s price rose as investors became more confident. Fans and developers of Ripple are now keenly following the United States Securities and Exchange Commission’s ongoing action against the company, which appears to be interesting, according to the most current news. 

The Struggle of Ripple (XRP) to Regain its Value

Ripple has one of the longest lifespans of any cryptocurrency. It is routinely traded for less than R1.72 when it was originally established in 2012. However, as the cryptocurrency market exploded in late 2017 and early 2018, XRP was one of those that benefited greatly from the boom, reaching an all-time high of R66.84 on January 4, 2018.

The coin’s value quickly fell, and by the end of 2018, it was barely worth R8.62. By then, the value of XRP had continued to fall. The coin was in the early stages of a bull run that ended on April 14, 2021, with a high of R34 on average.

Since the beginning of September 2021, the sixth-largest coin has struggled, losing more than half its value, while dozens of other cryptocurrencies have failed.

The situation deteriorated further in January 2022, when a slow cryptocurrency market prompted XRP to close the month at R10.67. Following that, it sank even further, reaching R5.95 on May 12 due to market turmoil induced by the TerraUSD stablecoin’s de-pegging and the collapse of LUNA.

On June 10, it was worth roughly R6.89. Following that, the cryptocurrency lending firm Celsius’s suspension of withdrawals confirmed that the cryptocurrency market is in a bear market, and on June 18, it plunged to R5.01.

However, it has already recovered from its June low and is now trading at R6.32, a 12.6 % increase in 14 days. Furthermore, the Finder’s panel predicts that the price of Ripple (XRP) will rise by nearly 260 % in 2022, reaching R43.95 at the end of December this year.

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Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

Published by
Nonhlanhla P Dube
Tags: RippleXRP
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