The value of XRP, the digital asset linked to the cryptocurrency payment business Ripple, has skyrocketed over the past week, making it the most lucrative cryptocurrency among the top digital assets by market size. With a 10% rise over the week, XRP was able to reverse the prior two weeks’ negative price movement and return to the $0.5 per token range.
The SEC’s case against Ripple has changed, which also clarifies XRP’s standing, and that is the primary cause. A few days prior, the court turned down the regulator’s request to have Hinman’s records sealed. The ruling was viewed well by the cryptocurrency community, and XRP saw a justified price increase.
See this article from U.Today to find out more about the significance of the Hinman papers and what they signify for XRP.
This week’s performance of XRP has also been significantly influenced by ongoing Ripple advancements and collaborations. Although there is no formal connection between the cryptocurrency and the firm, the price of XRP is affected by Ripple’s active use of it in its services.
On the initiative of the city’s monetary authority, it was revealed this week that the cryptocurrency corporation will take part in the creation of a digital Hong Kong Dollar. Ripple’s own CBDC platform, which will enable financial institutions, governments, and central banks to establish their own digital currencies on a turnkey basis, was also introduced at the same time.
