Blockchain News

XRP Price Gains Momentum, Sparks Optimism Ahead of Key Ruling

The controversial cryptocurrency known as XRP, which is associated with the company Ripple Labs and is situated in San Francisco, has managed to gain some steam. According to data provided by CoinMarketCap, the cost of it has increased by 2.45% over the course of the previous twenty-four hours. After suffering losses in recent days, the value of some of the most prominent alternative cryptocurrencies has been gradually increasing over the past few days.

 Bitcoin, on the other hand, is stuck in limbo and is currently trading at a price that is lower than $28,000.     A significant verdict in the ongoing litigation brought by the Securities and Exchange Commission (SEC) against Ripple Labs has been postponed, but the price increase has spurred confidence among members of the XRP community. 

Some people think that the recent spike in prices could be related to their expectations regarding the outcome of the lawsuit. The Chief Executive Officer of Ripple, Brad Garlinghouse, had speculated in the past that the legal dispute would be settled in the first half of 2023. What is the highest price that XRP has ever reached? 

 According to the data provided by CoinGecko, XRP is still trading at a discount of 86.11% from its all-time high of $3.40, which was reached on January 7, 2018. This is an important fact to keep in mind.  At this very moment, members of the XRP community are debating the topic of what the true all-time high price actually is.

 Recent commentary on the issue came from Ripple’s Chief Technology Officer, David Schwartz, who shared his thoughts on Twitter. Schwartz noted that the figure of $3.84 that some people have reported as the all-time high is misleading because it includes Korean exchange rates that valued the won at an official exchange rate, which was not possible in reality. 

The official exchange rate was far higher than the market rate. Because of South Korean government regulations on financial transactions, he noted that it was never possible to truly receive $3.84 worth of XRP.


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