Although the crypto economy has dipped 1.5% in value over the past 24 hours, XRP, the sixth-largest digital asset by market capitalization, has posted gains recently. In the last week alone, XRP has surged over 10%, and year-to-date, this digital currency has increased by 35% against the U.S. dollar.
XRP Defies Market Trends as Network Activity Rises; Supporters Optimistic of Lawsuit Outcome
XRP’s recent market performance is commendable, especially considering that many top crypto assets depreciated in value on June 5, 2023. Climbing 1.1%, XRP (formerly known as Ripple) stands as the sole cryptocurrency in the top ten rankings to achieve gains over the last 24 hours and during the preceding week. Thus far, XRP has accrued more than a 10% upturn against the greenback and a 15% growth within the past fortnight.
As of Monday, June 5, 2023, XRP boasts a market cap of approximately $27.68 billion — a figure constituting 2.355% of the $1.18 trillion total worth of all cryptocurrencies worldwide. At present, around 51.98 billion XRP are available on the market, with a recorded global trade volume of nearly $1.4 billion on Monday alone. Furthermore, data from market intelligence firm Santiment reveals that May witnessed heightened activity throughout the XRP network.
Santiment noted in its tweet dated May 29: “[XRP network] has now had its 2nd [and] 3rd largest address activity spikes of all time these past 2 days. A mild +4% decoupling has emerged between XRP [and] the [altcoin] pack, and if history repeats itself from the March 18th activity spike, it could be more.” In addition to this uptick in activity, the daily processing capacity of transactions for XRP sits roughly between 1.2 and 1.66 million per day.
The rise in XRP’s value coincides with the ongoing legal tussle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). In a recent interview, attorney John Deaton postulated that Ripple Labs had a 25% likelihood of winning the case outright, whereas the odds of an outright SEC victory stood at less than 3%. In early May, Brad Garlinghouse, Ripple’s CEO, disclosed that the company had expended millions battling the regulatory body and anticipated a resolution shortly.
One crypto trader named Captain Faibik, with a following of 61,000 on Twitter, posited that XRP would skyrocket to the $1 range. He confidently tweeted on June 4: “XRP Train has already left the Station.” However, some countered this claim by asserting that XRP was steadily “going to zero.” Despite such criticism, other traders similarly endorsed Faibik’s perspective. On June 3, one XRP supporter, boasting 45,000 followers, inquired: “What will you do when XRP shreds $5 and continues to rise?”
What are your thoughts on XRP’s resilience in the face of market trends and the ongoing lawsuit? Share your thoughts and opinions about this subject in the comments section below.