XRP Outperforms Other Cryptos with a 9% Surge Amid Market Slump

XRP is finally showing some bullish trends following 4 weeks of downward movement

Ripple (XRP) has a well-established presence in the crypto industry with its main focus on providing seamless, cross-border payment solutions. Through the use of its digital asset, Ripple (XRP), aims to enable real-time, reliable, and low-cost international money transfers, making it an enticing option for investors looking to diversify their portfolios. XRP had a stellar performance during the first quarter after reaching a price above $0.4657 however, it has recently experienced a downward trajectory. The Ripple-SEC ongoing lawsuit has had a significant impact on XRP resulting in reduced adoption and delisting from various major exchanges.

XRP, the native token of the Ripple network, is primarily designed to facilitate cross-border transactions and improve the efficiency of the global financial system. Despite its numerous use cases and partnerships, XRP has faced legal challenges and regulatory scrutiny in recent times. The recent meeting between the Chief Legal Officers (CLOs) of Ripple and Coinbase fuelled speculation over a potential listing. However, multiple legal experts have pointed out that the XRP listing is unlikely.

Crypto lawyer John Deaton explained that the regulatory uncertainty surrounding XRP justifies why it will not be listed on Coinbase or Ripple's own Liquidity Hub. The ongoing uncertainty around XRP may impact its potential listing on major exchanges and hinder its adoption. A positive resolution to the lawsuit in favor of Ripple will also result in a favorable impact on the XRP price and future prosperity.

CoinMarketCap's social price estimates have demonstrated an 89% historical accuracy over the last 6 months. Community support is still strong with the outlook remaining optimistic towards a potential price growth towards the end of May.

XRP Price to Surge

XRP has always been part of the headlines. Whether it be a prolonged lawsuit with the US Securities and Exchange Commission (SEC) or the partnership. It has faced a tumultuous few months. First, its price struggled to stay about $0.4 as it faced litigation from one of America's highest financial regulatory bodies. The case dragged on for nearly three years, hurting Ripple (XRP)'s market sentiment.

Then, coming from the back of the 2022 crypto winter, Ripple (XRP) struggled to see any positive price action until the end of March, when it started gaining sharply. It reached $0.5 by March 29, but the XRP price has long corrected to about $0.47. As the world awaits the court's final decision on Ripple's SEC lawsuit, it would be interesting to see how the coin performs in the coming months.

XRP is currently trading at $0.4657 with a 24-hour low/high of $0.4595/$0.4669 with a trading volume of $927,529,586 and is currently ranked #6, sitting comfortably amongst the top 10 cryptos. The total market cap for the token is $24,152,772,192 with a current resistance around $0.46 followed by the next support level at $0.50.

What Makes XRPL Unique?

The XRP Ledger presents a wide variety of applications and use cases related to payments including micropayments, DeFi, and, soon, NFTs. Deployed in 2012, the XRPL supports enterprises and Python, Java, and JavaScript developers with powerful utility and flexibility. On the XRP website, developers can access different tutorials to help them get started using different coding languages, building apps, managing accounts, and more.

Alongside its native coin, XRP, the XRP Ledger is used by developers to create solutions that solve inefficiencies, including remittance and asset tokenization. Currently, the five main applications of the XRP Ledger are payments, tokenization, DeFi, CBDCs, and stablecoins.