In the summer, Ripple (XRP) was still on the fast track after an important court victory. But now in the fall, XRP is stagnating in a narrow price corridor. When might momentum follow?
An impressive Bitcoin week is behind us, driven by predictions of Bitcoin ETFs coming soon, the cryptocurrency has stabilized above $34,000. With this 17-month high, BTC has set the bar for altcoins.
If you want to read more about Ripple and find the latest financial news of the day, download for free our companion app. The Born2Invest mobile app keeps its readers up to date with the most important market updates.
What is striking: Ripple (XRP) cannot follow the Bitcoin rally and is currently stuck at a level of around $0.56, which cannot follow up on summer successes
When Ripple won an important partial legal victory against the U.S. Securities and Exchange Commission (SEC) in July, even the $1 mark seemed to be in sight for XRP.
While altcoins such as Chainlink (LINK) are setting up one annual high after another these days, XRP seems paralyzed. Ripple has gained further legal ground with the discontinuation of personal proceedings against the management and other smaller-stage victories in the dispute with the SEC. But even economic news like Ripple’s cooperation with Web3 fintech Uphold failed to give XRP any new momentum.
Some observers see the XRP problem in the fact that an important ruling is still pending. A jury trial is scheduled for April 2024 to decide whether previous XRP sales by Ripple to institutional investors were illegal after all. In the worst case, there could even be renewed consequences for the listing of XRP on US crypto exchanges, according to the fears. What is clear is that the SEC still wants to make an example of XRP and that Ripple can continue its procedural winning streak is by no means guaranteed.
Broader analyses, however, also come to the conclusion: The court victories for XRP have only glossed over the most important question in the short term. After all, Ripple’s basic concept for XRP is to establish a crypto bridge currency in international payments. However, the offer is not popular among classic major banks, and even innovative fintechs see XRP at best as one option among many.
Conclusion: XRP and Ripple lack practical use cases
Ripple’s PR department has been running like clockwork for years. It publishes news in large numbers about how XRP is to gain a foothold in the NFT sector, for example, or how it wants to take a leading role in the trading of CO2 certificates.
However, on the one hand, it is regularly unclear whether XRP is really needed and on the other hand, such initiatives can only be classified as extended test runs. We conclude: In order for XRP to live up to its still enormous market capitalization of 30 billion US dollars, new monetary use cases are urgently needed.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in BLOCK-BUILDERS.DE. A third-party contributor translated and adapted the articles from the originals. In case of discrepancy, the originals will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us
The TopRanked.io Weekly Digest: What’s Hot in Affiliate Marketing [++ A2 Hosting Affiliates Review]
Something's brewing in the Right to Repair space. Lawmakers are increasingly law-making. DIY fixer upperers are increasingly fixer uppering. And,...
Why the Carbon Credit Market Is Not Working
The Carbon Brief analysis focused on 34 companies that alone used 38 million tons of carbon dioxide over the period...
Recrowd, Real Estate Lending Platform, Finally Gets European Authorization
Recrowd adopts a distinct approach for less sophisticated investors, limiting their investments to under €1,000 or 5% of their net...
Why the Amounts Invested in Belgian Fintech Companies Decreased
In 2023, the Belgian fintech sector has not witnessed any major fundraising events similar to those in previous years, such...
Bitcoin Soars 130% This Year: Will It Reach New All-Time Highs in 2024?
Bitcoin is currently trading within an ascending channel, maintaining support at $35,000, with an upward trajectory towards the psychological resistance...