The native token of Ripple “XRP” seems to be making a big name on the list of cryptocurrencies demonstrating strong performances.
The value of the digital asset has been witnessing significant gains as the legal fight between Ripple and the US SEC approaches its conclusion.
Ripple is Growing its Network
XRP was created and launched by Ripple Labs for the purpose of cross-border transactions on a global scale. Over time, Ripple has continued forming multiple alliances with payment services from all over the world to make cross-border transactions extremely convenient.
Elevated Utility for XRP
Even now, the expansion of Ripple Labs continues and the network keeps growing its network all over the world. Ripple is fully aware that its expansion throughout the world would bring more utility to its native token ‘XRP’.
The increase in the utility would mean that the price of XRP would continue to experience a significant push. The investors are also supporting XRP with all their bullish sentiments.
XRP Price is surged by 2.64%
In the past 24 hours, XRP’s trading price has surged by 2.64%. At the time of writing, its trading value is at a high of $0.4799.
The best thing about XRP is that the current circumstances strongly suggest that the asset would continue moving in the bullish zone.
It has entered bullish territory and it would continue moving upward in terms of its value, adoption, and trading volume.
It is worth noting that even in the past 7-days, the trading price of XRP has recorded a 52.43% surge.
Ever since its launch in 2013, XRP had been performing really well and at one point, it was the second-largest cryptocurrency as per valuation, second only to Bitcoin.
Then in 2015, Ethereum was launched and soon, ETH was able to steal the 2nd spot from XRP. From 2017 to 2020, XRP remained the third-largest cryptocurrency but then the US SEC came into the picture.
US SEC Lawsuit and Delisting on US Exchanges
It was in December 2020 when the US SEC claimed XRP was a security, being offered to the US locals without registration, and filed a lawsuit against Ripple Labs.
From there, began the demise of XRP as many exchanges operating in the US had to delist XRP to avoid any penalization from the US SEC.
Although the US market was a disaster for XRP, the rest of the world kept supporting it. This kept XRP on its feet and XRP slowly regained its spot among the top 10 crypto b valuation.
XRP is Recovering
In the meanwhile, Ripple Labs continued its fight with the SEC. Finally, things have started coming in favor of Ripple and it is hoped that the case would conclude in Ripple’s favor.
Ripple Labs seems to be confident about its win and for this purpose, it has continued expanding its network all over the world.
Ripple Labs has formed multiple partnerships and has opened several offices in countries such as Canada, New Zealand, Ireland, and many more.
It has also partnered with several payment companies from all over the world to expand its cross-border transactions network.