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Why is Ripple (XRP) price in bull mode

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Ripple (XRP) price has staged an impressive rally in the last 24 hours. With growth of over 20 percent in places, the “Bankencoin” has broken the 0.46 US dollar mark. Things are also looking good over the course of the week: Here the Ripple price was able to increase by 23 percent. In the meantime, XRP was even able to break the 0.49 US dollar mark, reaching its highest value since November last year.

Ripple price (XRP) with a technological tailwind

One of the reasons for the strong growth of the price of Ripple (XRP) is the huge increase in the use of the XRP Ledger (XRPL). Like the company behind the project on March 21 reported, there is currently a greater expansion of the liquidity hub in the room. Among other things, Ripple plans to further advance the tokenization of assets. This includes the tokenization of CO₂ certificates. Aside from these technological updates, Ripple (XRP) price also benefits from the successful litigation against the Securities and Exchange Commission (SEC).

updates: The Ripple course (XRP) is apparently receiving further tailwind from a statement by US attorney John Deaton. In a Twitter post, he criticized the SEC’s actions.

I’m hoping Judge Torres was already very aware of the ruling by Judge Wiles of the US Bankruptcy Court for the Southern District of New York (same District as Judge Torres) in the Voyager Bankruptcy.

Among other things, he stated that he firmly assumed that the responsible judge, Analisa Torres, would rule in favor of Ripple. The reason for this is the criticism by US judge Michael E. Wiles of the SEC’s fundamentally flawed approach to the treatment of cryptocurrencies.

Crypto market sentiment positive

Ethereum competitor Cardano (ADA) has also increased significantly in the last 24 hours. With an increase of more than 14 percent, the ADA course rose to just under 0.37 US dollars. In the weekly review, this results in an increase of over 10 percent.

Overall, both XRP and ADA appear to be benefiting from the generally positive sentiment in the crypto market. In particular, the workhorse Bitcoin has successfully left the 28,000 US dollars behind in the last few hours. The Bitcoin price thus sealed its bullish week in 5 years.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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