Ripple XRP has been showing signs of returning to the top since April of 2021. It could have been worth much more than what it does if only it had not been the focus of the United States Securities and Exchange Commission in the last few years. However, with the recent developments in the SEC v. Ripple legal dispute, the odds are looking up for XRP.
Despite the massive growth other cryptocurrencies experienced in the last few years, XRP looks like a small drop in the wider crypto space. However, regardless of its current price, it is still the 6th biggest crypto-token in market capitalization.
Several members of the crypto community applaud XRP for weathering this storm as well as it did. Notably, the XRP price dropped to a local low of $0.55 in January 2022. But, ever since the developments in the lawsuit filed by the SEC against Ripple, XRP price continued to gain ground, even passing the $0.90 level before falling to the market’s selling pressure.
Another possible reason for this recovery would be Ripple’s move to utilize XRP for cross-border remittances. Since the company’s announcement of this venture, at least 200 banks in 45 countries are now using their services. And, with the recently released 2022 initiative the company made, trust in the company is growing.
There is no denying that Ripple and XRP are in the middle of the most significant developments for the wider crypto space. For better or for worse, the decision regarding the lawsuit mentioned above will set a precedent for cases against other companies in the future. Meanwhile, the growing remittance ecosystem Ripple is building will establish crypto’s place in real-world transactions.
Overall, XRP might see massive gains in the next few months, depending on how these external factors affect Ripple. For now, the cryptocurrency community members are all eyes on XRP.