Recently, one of the trending topics on Twitter has been Ripple (XRP). At the time of publication, there were numerous causes for the same. In the company’s case against the SEC, a recent development involving MoneyGram was first made public.
XRP already dominates trade volumes at some of Australia’s main digital exchanges, according to the Australian Financial Review news site, as Ripple-based international remittances become a key use case.
Over the last 24 hours, XRP accounted for 82% of volumes on the Independent Reserve exchange and 62% of volumes on Melbourne-based BTC Markets. XRP accounted for a bigger portion of BTC Markets’ trading volumes because BTC Markets is a Ripple on-demand liquidity (ODL) partner for Australia, according to Caroline Bowler, chief executive of BTC Markets.
Bowler further said,
“Effectively, ODL helps companies manage cross-border payments without requiring correspondent banking and pre-funding costs, It uses XRP to help facilitate part of this process, hence the trading volumes on our platforms. It is a larger percentage on our platform, as crypto market volumes overall are still relatively flat across the industry.”
XRP transactions represented $10.2 million in 24-hour volume on Sydney-based Independent Reserve, far more than all other cryptocurrencies combined. Market makers and foreign remitters on the ODL network were among the clients trading XRP, according to the exchange’s CEO Adrian Prezelozny. Many believe that the legal conflict between Ripple and the SEC, which is now in progress, will have a significant impact on the cryptocurrency markets.
Depending on how the case turns out, it may be possible to determine if XRP and perhaps all other cryptocurrencies should be under the control of the U.S. Securities and Exchange Commission (SEC).
XRP: Bulls Target $1; Is It Possible?
After the CPI report indicated that inflation had decreased from 7.1% to 6.5% last week, the cryptocurrency markets began to rise. Ethereum reached $1,595 levels and Bitcoin surpassed $21,000 as the top altcoins surged double digits.
The SEC v. Ripple case is impeding the targeted target, even though the long-term objective is above $1. After John Deaton, an attorney for the Amicus Curiae gained attention on Tuesday by discussing the importance of the Amicus brief, the lawsuit once again became the focus of attention this week. He claimed that the SEC is actively pursuing the designation of XRP as a security. He further added,
“The SEC literally claims XRP itself was, is, and always will be a security. The scope of the SEC’s Howey argument has become so stretched that it is truly indefinable, in space or in time.”
In conclusion, the token’s market growth is being hampered by the lawsuit developments and updates. When the legal dispute is resolved, Ripple’s native token may eventually surpass the $1 threshold. The token could continue to be in a consolidated state until then.
