By George Ward
XRP Tops 60% Of Major Coins
XRP’s price has recorded a notable surge in returns this year, gaining 65% in value since January, marking it as one of the top-performing cryptocurrencies among the top 100 coins. This rise was particularly prominent in July when a favorable ruling from the US Supreme Court favored Ripple in its prolonged legal tussle with the Securities and Exchange Commission (SEC).
However, the aftermath of the court victory saw most unrealized profits vanish despite the broader positive trend within the crypto market throughout the year. Following the court’s decision, XRP’s value reached a high of $0.93 but retraced back to $0.44.
Despite these fluctuations, XRP has recently shown signs of recovery, trading around the $0.60 mark. XRP’s inconsistent performance compared to leading assets like Bitcoin (BTC) and Ether (ETH) has heightened investor concerns.
Many doubt its reliability as a long-term investment, especially as Ripple’s legal tussle with the US SEC isn’t over yet. The trajectory of XRP’s performance over the last three years has been notably influenced by Ripple’s regulatory battles, particularly evident in the July price surge post-court ruling.
XRP’s Comparison Against Leading Cryptocurrencies
In contrast to BTC and ETH, XRP’s value reflects a less impressive growth over five years, with a 102% increase against the dollar but a stark decrease of 82% against BTC and 91% against ETH. Over a three-year period, XRP suffered a decline of 52% against BTC and 73% against ETH, painting a challenging picture for the cryptocurrency compared to its peers.
The tumultuous regulatory environment surrounding Ripple has significantly impacted XRP’s price. Despite these challenges, holders of XRP remain optimistic, hoping for a turnaround in its performance.
XRP Integration and Expansion Echoes at Ripple’s Swell Event
Ripple’s Swell event held in Dubai last month showcased pivotal advancements, underscoring the integral role of XRP within the global finance community. Over 600 influential figures from blockchain, financial services, and policy attended the event and shared insights regarding the growth and development of the burgeoning crypto industry.
The most common theme during the event revolved around the fast-rising tokenized economy, the emerging blockchain hubs, and the evolution of global regulatory frameworks. Nevertheless, Ripple outlined critical focal points, notably its Ripple Payments solution, to cater to SMEs and advance blockchain adoption within the Dubai International Financial Center (DIFC).
Ripple’s Solution To Aid SMEs
Brendan Berry, Ripple’s Head of Payments Product, unveiled Ripple Payments’ latest stride during the event. Initially tailored for expediting cross-border payments within financial institutions, Ripple Payments had to incorporate small and medium enterprises (SMEs) due to increasing interest.
Thus, Ripple Payments underwent substantial enhancements, morphing into a seamless, plug-and-play cross-border payments solution tailored for global business operations. This transformative offering enables SMEs to provide streamlined access to over 70 payout markets through a singular connection.
Ripple Payments leverages an amalgamation of crypto assets, fiat currencies, and stablecoins to ensure an optimized payment ecosystem for customers.
XRP Gains Licensing Approval
A notable highlight of the Swell event was the dialogue between Alya Al Zarouni, COO of DIFC Authority, and Ripple President Monica Long. Their conversation centered on the center’s pivotal role in fostering blockchain adoption.
Al Zarouni underscored the Dubai Financial Services Authority’s (DFSA) proactive stance in delineating clear, forward-thinking regulations. Zarouni opined that this move will foster an environment conducive to blockchain use cases and digital assets.
Also, the regulatory approach has resulted in the recent approval of XRP’s usage by licensed firms within Dubai, signifying a significant stride in integrating cryptocurrency within regulated frameworks.