XRP Dominates the Cryptocurrency Market

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XRP Dominates the Cryptocurrency Market
XRP Dominates the Cryptocurrency Market

Latest developments from Ripple Labs and the SEC (U.S. Securities and Exchange Commission) has had a significant impact on the market, including the market value of XRP.

Market data analysis shows XRP’s dominance over second-generation cryptocurrency Ethereum (ETH)

In the United States, several cities have increased investments in XRP compared to Ethereum, which has had a positive impact on the XRP community.

These include New York, Vermont and even the District of Columbia.

XRP’s dominance over ETH in the US

According to recent market analysis, there is increased interest in the XRP token in the United States compared to Ethereum’s ETH.

According to Google Trends data, XRP investment interest has increased in more than 47 states as people choose to participate in the digital asset instead of Ethereum’s ETH.

States showing growing interest include Arizona, Hawaii, Nevada, Delaware and Louisiana.

These are the most popular regions for XRP, with others not far behind, but Ethereum’s dominance has been seen in several states, including Oregon, Vermont, New York, and the District of Columbia.

However, Ripple has experienced dramatic ups and downs since the beginning of this year, after embarking on a legal battle with the SEC more than three years ago.

However, the cryptocurrency has made significant gains since the second half of 2023.

The reason behind this growth may be the SEC’s growing interest in filing lawsuits against XRP backbone company Ripple Labs.

What’s next for XRP?

The relevant executives of the company and the company as a whole are confident that they will successfully defeat the SEC.

Blockchain networks have been successful in defying regulators, which has boosted investor confidence in digital currencies.

The outcome of the protracted legal battle, which began in 2020, will be revealed in a major trial in 2024.

The recent development may be related to XRP’s value growth beating ETH in the 24-hour analysis.

Additionally, a potential win for parent company Ripple Labs could signal a possible increase in the asset’s market value.

Among the predictions from experts, including cryptocurrency analyst CredBULL, are predicting the asset will hit $0.90 by the end of summer 2024, according to a post on their X website.

This also coincides with other experts on the digital market, including Sharonn Throp, who stated that the asset’s price could reach $500 in the future.

If this can be accomplished within the next few months, its market capitalization could increase to over $250 trillion. This could be a significant increase from the $3 trillion value in 2021.

According to data from CoinMarketCap, the value of XRP increased by 5.07% in the past 24 hours. Its weekly increase was also 16.54%, which exceeded that of Ethereum.

This is said to be because its current value at the time of writing is $0.6453. The market value of XRP also increased to $34.5 billion, and daily trading volume increased by 49.67%.

On the other hand, the price of Ethereum has only increased by 2.65% in the past 24 hours. Its weekly gain was 4.97%, and its daily trading volume fell by -0.08%.

As of this writing, its current price is $1,883. Therefore, this shows the dominance of Ripple’s XRP relative to Ethereum (ETH), with Ripple’s difference being 2.42%.

General Bitcoin News.



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