By
Steve Muchoki
April 24th, 2024
XRP price is up more than 230% in the past two weeks and has tripled in value in the past three months
XRP price has rallied to a new all-time high since the 2018 bull market after huge cash inflows proliferated the XRP market from retail traders. The asset is up over 20% in the past 24 hours and was trading around $1.93 according to Binance-backed Coinmarketcap.
The sudden spike in XRP volatility in the past few days has been attributed to a looming legal victory over the Securities and Exchange Commission lawsuit. In an ongoing lawsuit battle between SEC and Ripple, Southern District Court of New York Judge Sarah Netburn granted the latter access to the plaintiff’s documents on Ethereum and Bitcoin.
Notably, one of the layers representing Ripple, Mathew Solomon, argued that it could be ‘game over for the entire case should they catch the SEC having called XRP as a currency rather than a security. Consequently, a huge wave of retail traders has flocked to the XRP market in hopes the company will win the lawsuit case. Moreover, there has been an ongoing push to relist XRP in major cryptocurrency exchanges that had delisted it earlier this year.
XRP Price and Its Movements
XRP price is up more than 230% in the past two weeks and has tripled in value in the past three months according to CoinGecko. Notably, the asset has jumped over 919% in the last twelve months and is less than 49% shy of its all-time high.
As the entire crypto market rallies above $2 trillion market capitalization, the XRP market cap stands at $88,302,570,415 while its past 24-hour volume stands at approximately $30 billion.
Ranked as the fourth by market capitalization, things are hitting up for the top-cap digital assets as the competition increases by the day. XRP is head-on-head with Binance coin (BNB) that has jumped approximately 87% l, and 43% in the past two weeks and one week respectively. Notably, Binance coin has a market capitalization of approximately $90 billion. While XRP recorded a volume of approximately $30 billion in the past 24-hours, BNB recorded a volume of approximately $10 billion.
Should XRP maintain the past momentum, the possibilities of dethroning BNB from the third position remain high. However, the Binance ecosystem has tremendous momentum and might continue to surprise many by taking Ethereum head-to-head in the near future. Furthermore, all the top digital assets by market capitalization have a global utility that they are solving and the ongoing institutional adoption besides the retail adoption could significantly affect the prices.
There would be a huge disappointment to the XRP community if the ongoing lawsuit shifts against Ripple in the near future. Should the requested documents reveal that the SEC termed XRP as a security, things could dramatically shift against XRP price.