You may not have heard about XRP, but we assure you that it is a popular digital currency used for international payments. As for now, it’s under the spotlight, as it has surpassed the significant resistance level of $0.5, according to ZYCrypto. This development is seen as a potential reflection of investor sentiment regarding the current battle between the U.S. Securities and Exchange Commission (SEC) and Ripple, a blockchain payments company associated with XRP.
Just over the course of 24 hours, XRP has experienced gains of up to 5%, reaching a trading price of $0.511, according to data provided by CoinGecko. Notably, this price increase has been accompanied by a substantial 82.37% surge when it comes to trading volume during the same amount of time.
The recent positive momentum for XRP can be attributed to reports suggesting that the SEC’s case against Ripple is favoring the company based in San Francisco. A sudden surge in trading volume has propelled the XRP price above the highly important $0.5 threshold.
Currently, XRP boasts a market capitalization of $26 billion, indicating a 4.68% increase within only 24 hours. Moreover, XRP stands out among other major tokens as the top gainer, with a remarkable 13.46% surge over the course of one week.
Santiment, an on-chain analytics firm, recently highlighted that XRP had witnessed the second and third-largest spikes in address activity in its history within only two days. It is even reasonable to anticipate further price appreciation for XRP.
XRP, which is also known as Ripple, is a digital currency that was created over a decade ago by Ripple Labs Inc., a technology company based in San Francisco. XRP was created in 2012, to be more precise, and its purpose was to facilitate fast and low-cost international money transfers and to serve as a bridge currency for financial institutions.
The origins of XRP can be traced back to the idea of a decentralized digital currency conceived by Jed McCaleb and Chris Larsen.