XRP has defied the bearish trend with a noticeable increase in its price, while the cryptocurrency sector is now publishing exceptional recoveries. According to information obtained from CoinMarketCap, the value of the digital currency is currently $0.5151 after seeing a 24 hour gain of 2.25%.
The present growth prognosis supports XRP’s efforts to incite a rush to higher price levels, as seen by the increase in value of up to 7.48% during the previous week. Numerous variables are now influencing the coin’s price, which is still at the centre of the conflict between Ripple Labs Inc. and the US Securities and Exchange Commission (SEC).
It is sufficient to note that the most recent actions by Ripple Labs leaders, including CEO Brad Garlinghouse and General Counsel Stuart Alderoty, who, together with others, visited the SEC office yesterday, are noteworthy. The pair travelled to Washington, DC, to meet with elected congresspeople to discuss problems relating to regulatory clarity for the ecosystem of digital currencies.
Even if there are still many unknowns regarding the meeting’s results and expectations, it is clear that Ripple is essential to the development of the cryptocurrency industry.
XRP bull/bear standoff
In the XRP ecosystem, there will always be a big conflict between the bulls and the bears.
The greatest supporters of the currency will always add to their holdings in line with fundamentals supporting amazing circumstances in the ecosystem, while purchasers will always display their bearish inclinations to take profits in line with market growth.
The abundance of products emanating from the XRPL protocol is helping to further promote XRP as a developing utility asset. Long-term, XRP’s impact from outside sources is set to open the door for its eventual liberation.
