The native Ripple asset, XRP, is now outperforming its crypto brethren. Hopium over an SEC victory and stronger fundamentals appear to be bolstering its performance.
Crypto markets are making minor movements today, but Ripple’s XRP is making a splash. The cross-border payments asset has made more than 6% since Jan. 2. Furthermore, it is leading markets in the year’s first week.
There has been no specific news from the Ripple camp, however. The move appears to have been triggered by hopium and the promise of a better year in 2023 for the fintech firm.
BitBoy Crypto creator Ben Armstrong was confident of a victory against the Securities and Exchange Commission this year:
Ripple Hopium and Fundamentals
However, the current crypto climate is one still shrouded by dark clouds following the contagions of 2022. This may well incite regulators to clamp down harder on the industry and companies dealing in digital assets.
Armstrong also predicted that SEC chair Gary Gensler would resign. This would be good news for Ripple and a positive development for the entire crypto industry. Gensler has been hell-bent on classifying crypto assets as securities and cracking down by enforcement.
However, the ongoing case against Ripple will not likely conclude until Q2.
Aside from the hopium, Ripple is also actively working on new products and services in 2023. XRP community members have highlighted the upcoming developments and use cases for Ripple.
The company has expanded and streamlined its services from just three products a couple of years ago. RippleNet and ODL (on-demand liquidity) activity has increased as the company onboards more partners.
Furthermore, on-chain and whale activity has been increasing, according to analytics provider Santiment. Analysts said that the recent negative sentiment has not caused a dip in XRP prices, adding:
“This could potentially be a sign that sellers are ‘exhausted,’ meaning that there are fewer and fewer sellers willing to sell at current prices.”
XRP Price Outlook
XRP is currently trading up 5.3% over the past 24 hours. As a result, it has reached $0.349 at the time of press.
However, XRP has fallen around 4.6% over the past week and remains range-bound. That said, it is still the top-performing asset in the top twelve at the moment.
Like most cryptocurrencies, XRP has been down-trending for the past month, dropping 10%. Furthermore, it is currently down 90% from its all-time high reached this time five years ago.
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