Ripples Legal and Expansion Victories Drive XRP Price Increase Could it Reach 54 Cents
Key Points
– Despite a drop in Bitcoin’s price, XRP has seen a 2% increase in the past week, potentially due to clearer regulations in the US.
– Ripple is focused on global expansion and the development of XRPL for real-world asset tokenization.
– An increase in Open Interest suggests that XRP’s price could continue to rise.
In the midst of recent volatility in the cryptocurrency market, XRP, backed by Ripple Labs, is making efforts to regain a bullish momentum. While Bitcoin (BTC) has experienced a modest 3.2 percent decline over the past week, with a value of around $65,200, XRP has managed a 2 percent gain during the same period, stabilizing at about 49 cents.
Regulatory Clarity Boosts XRP
XRP, a prominent altcoin with a market value of around $49 billion and a daily trading volume averaging $1.4 billion, has benefited from clearer regulatory signals in the United States. The U.S. Securities and Exchange Commission (SEC) proposed a hefty $102.6 million fine against Ripple earlier this week for allegedly violating securities laws in its XRP sales to institutional investors. Ripple is arguing for a reduced penalty of $10 million, citing precedents from similar settlement cases. Notably, a previous court ruling determined that XRP sales on exchanges do not breach securities laws, offering some legal clarity for the cryptocurrency.
Expanding Globally
Despite these legal challenges, Ripple is focused on expanding its global presence and aims to facilitate seamless cross-border payments through its XRPL platform. The recent acquisition of Standard Custody has bolstered its global web3 portfolio, which includes Metaco. Additionally, Ripple continues to enhance XRPL’s capabilities, with a focus on enabling the multi-chain tokenization of real-world assets (RWA).
XRP Price Outlook
Recent data from CryptoQuant shows a significant increase in Open Interest (OI) for XRP, reflecting its rising market value following updates on the SEC settlement. Looking ahead, if XRP’s Open Interest continues to climb in the coming weeks, analysts anticipate the altcoin could surpass current resistance levels, potentially targeting a range between 54 cents and 58 cents.
In conclusion, XRP’s price increase and potential for further growth are capturing the attention of experts and investors alike. With improved regulatory clarity and a focus on global expansion, Ripple and XRP are poised to make significant strides in the cryptocurrency market.