As of today, the overall cryptocurrency market performance is somewhat mixed. The trading performances of the cryptocurrencies (whether major or minor) have been mixed in the latest sessions.
The entire ecosystem of cryptocurrencies has become very uncertain and unpredictable due to recent developments.
Even the largest cryptocurrencies such as Bitcoin and Ethereum have become unpredictable. At the moment, the trading values of these major cryptocurrencies are moving downward.
Quite frankly, most of the major cryptocurrencies are facing a downtrend. However, XRP seems to have parted ways with these major cryptocurrencies lately.
If not lately, then it is the latest trading session that has witnessed a rally in favor of XRP while other major cryptocurrencies have faced a downtrend.
XRP Performs Well
It can’t be said for now whether XRP’s price movement in the upward trajectory is going to stick for a while or if it is short-term.
The latest market data has confirmed that XRP’s price has experienced a significant surge in the past 24-hours. The trading price of the asset has surged by 6.01% in the past 24-hours.
After recording great input from the bulls, the trading price of the asset has moved up to $0.3869.
Due to the recent push, XRP has become quite favorable for investors. They are glad that XRP has entered a trend that is constantly disposing of the losses that the token had been facing in the past few weeks.
The past few weeks had been full of challenges and problems for the XRP community. The trading price of the asset had been facing one decline after another.
This was because the investors lost their confidence in the asset. The asset’s price continued to lose its worth in the market against the major cryptocurrencies as well as the US dollar.
Uncertainty Involving XRP
Although XRP has been performing well and is moving in the bullish zone, it may not stay in the same territory in the future. The asset may continue facing a downtrend in the future due to the selling power of the bears.
Despite the recent market rallies going in favor of XRP, the overall crypto market situation is bearish. This means that the investors may continue losing their focus and the price of XRP may face more declines.
The major negative factor for XRP is the battle that has been going on between Ripple Labs and the US SEC. Both sides have been at each other’s throats to win the lawsuit.
The US SEC wants to prove XRP are securities, thus, they are illegal to be sold while Ripple Labs claims otherwise.
As the matter has lingered on for more than a couple of years, it is still unclear which side is destined to win. Until a final decision has been made, Ripple Labs is on the hook, which means that XRP will keep getting hurt.
The Positive Factors
Surprisingly, the same factor of the ongoing battle of the US SEC with Ripple Labs is proving to be a positive factor for XRP.
The XRP community is confident that Ripple Labs will be winning the case against the US SEC. With this perception in mind, the investors have been investing a lot of money to support XRP at the moment.
It is because of their strong input that the trading price of the asset has surged substantially in the past 24-hours.
On top of the legal proceedings adding up as a positive factor, it is the constant expansion of operational jurisdiction by Ripple Labs, which is supporting XRP.
Ripple Labs has signed many partnerships with some of the major mainstream companies mainly from the Asian region such as the SBI Group.
The company is also supporting countries such as Japan to achieve higher goals in the metaverse and the blockchain industry.
These factors have added up in pushing the trading price of XRP to higher levels.