Will XRP experience a new rally in the coming weeks or will Ripple soon no longer be part of the ten most valuable cryptocurrencies? Let’s have a quick XRP SEC update and see why XRP has big potential ahead.
Ripple has been on the market since 2012 and tried very early on to connect the banking world with the crypto scene. A global payment network for banks designed to facilitate and revolutionize currency transfers.
Ripple thus took the view very early on that decentralized cryptocurrencies could coexist with banks, which ultimately manage the money centrally. That’s why, right from the start, Ripple was of particular interest to banks that wanted to get to grips with blockchain technology. Even if the decentralization in some areas of Ripple contradicts the actual definition in some areas, Ripple was accepted by the industry and even managed to become the second-largest cryptocurrency on the market in the spring of 2018 for a short time.
Meanwhile, Ripple is only the sixth-largest cryptocurrency on the market, Terra Luna is close behind XRP and should therefore soon overtake the cryptocurrency if the development of the last few months continues. How will the Ripple price develop? We take a look at a possible price development that Ripple could experience, especially from a fundamental point of view.
How has XRP Price Performed in the last 12 months?
First of all, we would like to take a look at the price of XRP so far. Because the price of Ripple is very different from that of other cryptocurrencies. We look back at the XRP price from a year ago: In March, XRP is trading at $0.413. In contrast, the XRP price of currently 0.77 US dollars seems quite high. However, the all-time high of $3.30 still seems a long way off. This is still dated January 4, 2018.
But not only the all-time high shows that XRP still has enormous potential at the current time. While the price rose from $0.24 to $1.14, those responsible for Ripple had to deal with a lot of official stuff.
In December 2020, the SEC indictment against Ripple for unauthorized securities trading shocked the crypto scene. It’s about a total of 1.3 billion US dollars. At that time, the XRP price fell from 0.60 to 0.20 US dollars, but in April 2021 it reached 1.80 US dollars again before it crashed to 0.60 US dollars (July-August) again the current range of just over a dollar. But the court proceedings, in particular, could have a positive influence on the development of XRP.
XRP SEC Update: Positive News for Ripple!
As much as the Ripple charges by the SEC shocked the crypto scene and Ripple Labs at the time, the situation has improved significantly since that day. Otherwise, XRP would not have been able to increase its price sixfold again since then.
The positive thing about the whole situation is that Ripple has already been able to free itself from the pressure and that the situation at the SEC has deteriorated quite a bit. The US Securities and Exchange Commission has come under a lot of pressure and criticism during the court proceedings. The CEO of Ripple labs recently announced that the court proceedings are going “Extremely well” in favor of his company.
There is even a comparison now. This would be almost tantamount to a Ripple win. The process is slowly but surely coming to an end. If the rumors about a comparison come true, there could even be a new XRP all-time high due to the euphoria.
Ripple is strengthening itself with more Partnerships
The company Ripple meanwhile takes care of the expansion of its own network. Incidentally, the company is intensifying its work on the European market and has put sustainability at the top of its list.
Ripple is part of the Crypto Climate Accord and has launched a fund together with Nelnet Renewable Energy to invest a total of $44 million in solar projects. They also work together with the Ministry of Finance of Bhutan, the only CO2 negative country.
Sustainability is already a big topic in the crypto space. This trend will continue to grow in the future. It is not for nothing that more and more cryptocurrencies are using the proof-of-stake method. Ripple has been campaigning for a greener cryptocurrency sector for quite some time.
In combination with other companies, this will further strengthen Ripple’s position in this area. This is also an advantage for the cryptocurrency XRP, which could fuel the price.