Here Are 3 Reasons Ripple XRP Price is Set For an Enormous Explosion
XRP's price has fallen this year, as has the price of many other cryptocurrencies. The large-cap coin has dropped 52.3% since the beginning of the year, mirroring the overall declines of the cryptocurrency market, which is not surprising given its position.
XRP, despite its decline, remains an appealing investment option for investors. As the year closes out, there is renewed hope that the coin's value will rise. This article will share three reasons for this hope.
Ripple's XRP token has become the market's de facto standard for cross-border payments, and it has a significant use case for investors looking to earn and users requiring crypto-specific functionality.
The case between XRP's developer, California-based Ripple Labs, and the Securities and Exchange Commission (SEC) has been a major impediment for the past year and a half.
In December 2020, the securities regulator sued Ripple, accusing the company of violating securities laws when it offered XRP to investors in its initial coin offering (ICO).
The case has significantly impacted XRP, including the asset's delisting from several cryptocurrency exchanges. However, it may have far-reaching market implications because it may pave the way for the SEC to classify digital assets as securities in the future.
Meanwhile, there was renewed optimism last week that Ripple would prevail in this legal battle. Both parties sought summary judgment in separate filings with the United States District Court for the Southern District of New York.
These judgments are filed when a party believes there is enough evidence to make a decision without a trial. Furthermore, Ripple's leadership has maintained that the SEC has failed to establish a foundation for classifying XRP as a security.
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