While crypto economy is shaking and facing value declines but XRP is standing tall. In fact, XRP has been fetching monumental gains while others are expecting to close the year on rather balanced side.
Since past week, XRP has accumulated gains up to 10%. Throughout the year, the gains for XRP are more than 54%. Although not a major contributor, yet XRP’s share in the global crypto economy makes at least 1.76 percent of the global crypto economy. As of now, the global crypto economy is moving ahead with more than US$ 2.3 Trillion digital currency funds in it.
For the whole year, however, XRP rather underperformed and couldn’t earn monumental gains which others were earning.
XRP was once most popular cryptocurrency and continues to be as such. However, the popularity declined when the issuing entity of XRP i.e. Ripple Labs developed an issue with Securities & Exchange Commission. This turned out to be a major upset for XRP’s popularity which led to its downfall. The issue is still there and is part of the Court proceedings and it seems very soon the issue will be resolved. Most likely, the Court’s decision is expected to be in favor of Ripple Labs.
Because of the lawsuit between SEC and Ripple, XRP was inadvertently forced to underperform. It can be further proven from the fact that the last All-Time High (ATH) value seen by XRP was as far back as 7th January, 2018. Furthermore, even though XRP’s gains for 2021 are appreciating yet they are 75% lower than the ATH value seen in January, 2018.
Currently, XRP has been pairing with several stablecoins for the purposes of trading. However, the majority of XRP trades, which makes up to 62.97%, involve pairing with USDT i.e. Tether. Other notable XRP pairs are USD, GBP, JPY, BTC, BUSD, KRW and TRY.
XRP’s pair with USDT is one of the reason why the dispute developed with SEC in the first place. USDT is, by all intents and purposes, a stablecoin which is otherwise a “centralized” stablecoin. This means that USDT is supervised by authorities like SEC.
SEC’s lawsuit against XRP was also the reason which led to suspension of XRP’s trading by several leading crypto exchanges of the world. But therefore are a handful of leading crypto firms which never stopped lending their support to XRP. Some of these leading firms include Binance, Crypto.com, Huobi Pro, Bequant and Huobi Japan.
In the past 10 days, XRP whales were spotted moving and spending huge quantities of XRP coins. For instance, US$ 15 Million worth of XRP coins were shifted from one address to another address. Thereafter, 20 Million XRPs were seen transferred from Bithumb’s wallet to an unknown addressee. Evidently, while others are struggling XRP is making some great exception in the crypto market.