Ripple’s native asset, XRP, is now outperforming its crypto counterparts. Indeed, hopes of a win in its SEC lawsuit and stronger fundamentals of the asset appear to be supporting its performance.
This Tuesday, January 3, the cryptocurrency market is experiencing minor movements; for its part, Ripple’s XRP is causing a stir. In fact, activity related to cross-border payments has increased by more than 6% since January 2nd. Furthermore, it is at the top of the markets in this first week of the year.
That said, there is no specific news from the Ripple camp. XRP’s movement therefore appears to have been triggered by excitement and the promise of a better year in 2023 for the fintech firm.
For his part, the person behind BitBoy Crypto, Ben Armstrong, said he was confident of a Ripple victory against the Securities and Exchange Commission (SEC) this year:
Ripple: between hopes and fundamentals
However, the current crypto climate still finds itself shrouded in pessimism following the domino effects of 2022. Thus, this could prompt regulators to crack down more heavily on the industry and companies dealing with digital assets.
Mr. Armstrong also predicted SEC Chairman Gary Gensler would step down. This would be good news for Ripple and a positive move for the entire cryptocurrency industry. Indeed, Mr. Gensler has gone to great lengths to classify cryptocurrencies as securities and to crack down on these currencies with strong measures.
However, the ongoing lawsuit against Ripple is unlikely to conclude before the second quarter of this year.
Beyond this case, Ripple is actively working on new products and services for this year 2023. Members of the XRP community then highlighted the upcoming developments and use cases for the company.
Though it only offered three products a few years ago, the company has since been able to expand and streamline its services. RippleNet and ODL (liquidity on demand) activity therefore increased as the company integrated new partners.
Furthermore, according to analytics provider Santiment, on-chain activity such as crypto whales has increased, as also reported by BeInCrypto in a previous report. Analysts further stated that the recent negative sentiment within the market has not led to a crash in the price of XRP, adding:
“This could potentially be a sign that sellers are ‘out of stock,’ meaning there are fewer and fewer people willing to sell at the current price.”
Where is the price of XRP?
XRP is currently trading up 5.3% over the past 24 hours, having hit $0.349 at the time of writing.
However, XRP is down about 4.6% over the past week and is still trading within a range. That said, it currently remains the best performing asset in the top twelve.
Like most cryptocurrencies, XRP has been on a downtrend over the past month, shedding 10%. It is also currently down 90% from its all-time high reached in the same period five years ago.
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