Ripple (XRP) Sees Price Uptick: Key Drivers Explained

Ripple (XRP) Sees Price Uptick: Key Drivers Explained


264 Listen to this article Ripple (XRP) has been many of the standout performers inside the cryptocurrency marketplace during the […]

Latest News

Listen to this article

Ripple (XRP) has been many of the standout performers inside the cryptocurrency marketplace during the last 24 hours, registering a superb 2.Five% fee growth.

At the time of writing, XRP has efficaciously breached the $0.50 threshold, inching towards new highs. While this surge aligns with the wider market’s restoration, there are precise elements associated with Ripple which could have contributed to this upturn.

Here are the key drivers in the back of XRP’s recent fee boom:

1. Broader Cryptocurrency Market Recovery:

The cryptocurrency marketplace as an entire is experiencing fantastic momentum, with Bitcoin making every other push closer to the $27,000 mark. Other distinguished cryptocurrencies like Ethereum, Binance Coin (BNB), and Cardano (ADA) also are showing modest gains during the last 24 hours. This collective market sentiment has supported XRP’s price surge above the $zero.50 stage, which serves as a great technical and psychological resistance point.

2. Ripple’s Withdrawal from Fortress Trust Acquisition:

Ripple had previously signaled its intention to collect Fortress Trust, a cryptocurrency-targeted group, through signing a letter of intent in September. However, Ripple lately decided to lower back out of this acquisition deal. CEO Brad Garlinghouse said that whilst this outcome deviated from the authentic plan, Ripple would retain to help Fortress Trust and explore destiny collaboration possibilities. Ripple remains an investor inside the agency without outright ownership. 

Read Also:  Crypto market cap could hit $10 trillion as 'something has changed

The precise cause for the withdrawal stays doubtful, however it could be associated with Ripple’s massive felony fees in its ongoing felony conflict with the U.S. SEC, which have soared to about $2 hundred billion. In times of marketplace stagnation, reallocating resources and setting priorities may be critical, and this circulate would possibly suggest Ripple’s efforts to streamline its operations.

While those two factors look like the number one drivers in the back of XRP’s recent rate increase, it is well worth noting that SEC Commissioner Gary Gensler confronted rigorous thinking at a recent hearing, at some point of which he struggled to provide clean responses to multiple inquiries. This regulatory environment can also be influencing market dynamics.

0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments

Get Latest Updates

Latest News

Web Stories

Latest News

Would love your thoughts, please comment.x
Scroll to Top
Bitcoin ETFs Surge as Investors Seek Exposure Coinbase, Andreessen Horowitz, and Ripple have joined forces to fund a new crypto DMM Bitcoin Hit by $305M Hack Ripple Releases 1 Billion XRP Tokens What to Expect from Bitcoin’s Price Rally in H2 2024 Trump’s MAGA Coin Soars 7% While Biden Parody Sinks Amid Ex-President’s Trial — NFTs Hold Steady Analyst Warns About Dogecoin Decline CME Denies Solana Futures Plans Amid Growing Rumors Can PEPE flip Polygon? Market cap race heats up! Why Bitcoin Price Is Down Today? Cristiano Ronaldo Launches 4th NFT Collection on Binance Amid $1B Lawsuit Coinbase Alleges SEC Dodging Howey Test in New Appeal Ethereum ETFs Granted Official Approval by SEC Crypto Whale Splurges $10.4 Million on Meme Coin PEPE SOL Price Nearing Support as On-Chain Activity Dips for Solana Penguiana Meme Coin’s Presale Achieves Success, Raising 290 SOL Solana to Bitcoin Bridge, Zeus Network, Set for Debut in Q3 2024 DeFi Lending Leader Aave Unveils V4 Protocol Overhaul MicroStrategy (MSTR) Incurs Losses in Q1 After Digital Asset Impairment Takes Toll Upbit Emerges as Top Five Crypto Exchange, Posing Challenge to Binance, Coinbase