XRP Rises Amid Ripple's Legal Feud With SEC

XRP crypto assets show a positive trend amid Ripple's legal feud with the SEC. (Photo; Doc. Teknobu)

JAKARTA - XRP, a cryptocurrency developed by Ripple Labs, experienced a significant price increase amid ongoing legal battles with the United States Securities and Exchange Commission (SEC). XRP managed to get out of the downward pattern and hit the level of US$0.53 (Rp 7,464), indicating its relative strength among other altcoins.

In addition to legal factors, XRP also received support from bullish market conditions, with Bitcoin exceeding the level of $50,000 (Rp 703 million) for the first time since May 2021. Bitcoin, which is the largest and most influential cryptocurrency, often determines the overall direction of the market. Bitcoin's rise shows positive sentiment in the market, which also has an impact on altcoins, including XRP.

Apart from Bitcoin, several other altcoins also experienced significant increases, such as Ethereum, Cardano, Solana, and Polkadot. Altcoins are cryptocurrencies other than Bitcoin, which usually have different features and functions. Altcoins are often more volatile than Bitcoin, which means they can provide a higher profit potential, but also a greater risk.

XRP is one of the oldest and largest altcoins, with a market cap of around US$24.8 billion (Rp 349 trillion), placing it sixth among all cryptocurrencies. XRP has a unique feature, which is its ability to facilitate fast, cheap, and secure cross-border transfers. XRP is used by RippleNet, a global payment network operated by Ripple Labs, which connects more than 300 financial institutions around the world.

XRP also has a strong and loyal fan community, often referred to as the XRP Army. The community continues to support and promote XRP, despite facing legal and market challenges. Some community members even filed a lawsuit against the SEC, arguing that the SEC's actions had harmed XRP investors.

XRP Still Lasts

Despite facing some hurdles, XRP shows extraordinary resilience and potential. With the hope of resolving the SEC case and favorable market conditions, XRP can continue its upward trend and reach a higher level. Some analysts even predict that XRP can reach the $1 level (Rp 14,060) or even US$2 (Rp 28,120) in the next few weeks or months, if the SEC case is resolved with positive results for Ripple.

XRP can also benefit from the development and innovations made by Ripple Labs, which continues to improve its products and services. Ripple Labs recently launched Liquidity Hub, a platform that allows financial service providers to offer crypto liquidity to their customers. Liquidity Hub will support several cryptocurrencies, including XRP.

Ripple Labs also continues to establish strategic partnerships with various stakeholders in the crypto and financial industry. In July 2021, Ripple Labs announced partnerships with SBI Remit, Japan's largest remittance platform, and Coins.ph, the Philippines' leading digital financial services platform, to launch its first remittance service backed by On-Demand Liquidity (ODL) in Japan. ODL is a payment solution that uses XRP as a bridge between two fiat currencies, allowing for faster, cheaper, and transparent transfers.