Is Ripple (XRP) Dead?
✍️ 27 December, 2022 - 12:31 👤 Editor: Jakub Motyka
- Regulatory pressure and a decline in the price of XRP are causing speculations Ripple could be dead.
- Then... is Ripple dead? The shared public ledger Ripple and its cryptocurrency XRP are much alive.
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Cryptocurrency XRP and its owner Ripple are not dead. On the contrary of the question is Ripple dead, the blockchain is seeing a notable expansion of its On-Demand Liquidity (ODL) technology in the global market, including – Europe, Asia, South America, and the Middle East.
Launched in 2018, ODL aims to enhance financial inclusion with fast transaction settlements and transparency. According to the company, Ripple has gained use cases among merchants, internal treasuries, and marketplace vendors.
Why Some People Say Ripple Is Dead
Rumors that Ripple (XRP) could be dead is because of the recent decline in the token’s prices. On a broader outlook, XRP peaked in 2018 at $3.36. The second-highest price point that the digital asset surged to was $1.55 during the 2021 crypto bull cycle. Since then, XRP has been on a constant downtrend.
At press time, it was trading at $0.3512, representing a price change of +0.75% in the past day and +1.85% in the past week. However, broader timeframes show a price decline in the value of XRP. In the last month, the digital currency has dropped 14%, while in the past three months, the token is down 26%.
So Is Ripple Really Dead?
Not really. The cryptocurrency ranked 6th in the digital asset space - at the time of writing - with a market capitalization of more than $17 billion. Analysts predict that the digital payment currency could rise if Ripple wins its 2-year case against the US Securities and Exchange Commission.
The latest in the lawsuit is that the appellant, SEC, is asking the Judge presiding over the matter not to release Hinman Speech Documents, saying they were protected by privilege. The documents in question provide background information of the case, where a former Director of SEC's Corporate Finance division, William Hinman, said in a speech that Bitcoin and Ether were not securities. The materiality of the documents could tilt the case in favor of the blockchain.
XRP is the native currency used in the XRP Ledger, an open-source cryptographic ledger underpinned by a peer-to-peer network of nodes. The blockchain was founded in 2012 by Chris Larsen and Jed McCaleb. The token is mainly used as a bridge currency between financial institutions exchanging value in multiple fiat currencies on Ripple’s ODL solution, xRapid.
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- is-ripple-xrp-dead: Unsplash