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XRP Price Turning Point: Legal Victory and CBDC Potential

Nov 30, 2023

Ripple’s Q3 2023 Report: 892 Million XRP Sold, 41.3 Billion Held in Escrow

The post XRP Price Turning Point: Legal Victory and CBDC Potential appeared first on Coinpedia Fintech News

Five years ago, XRP was a budding currency priced at a modest $0.50. Fast forward to November 30, 2023, it stands at $0.6012. This growth trajectory, albeit steady, hasn’t mirrored the explosive surges of its peers like Bitcoin and Ethereum. Today, we delve into the insights of Bill Morgan, an Australian lawyer whose recent observations on XRP have stirred up a fresh wave of discussions. His observation highlights this anomaly in XRP’s growth, especially after the legal clarity obtained after a prolonged SEC lawsuit.

Despite its slow price performance, XRP has held its ground, remaining in the top five cryptocurrencies for over six years. This period of accumulation, as Morgan notes, is unprecedented in the history of the crypto market. With its legal battles receding, there’s a growing curiosity about whether XRP can break its pattern and chart a path of significant growth.

From Peak to Trough: The Highs and Lows of XRP

XRP’s all-time high of $3.84 in January 2018 and its lowest point at $0.002802 in July 2014 reveals a dramatic 21592.27% increase from its nadir and an 84.18% decrease from its zenith. These stark contrasts pre- and post-January 2018 are a testament to XRP’s resilience and the impact of external factors like regulatory scrutiny.

Ripple’s tussle with the SEC over allegations of selling unregistered securities significantly impacted XRP. However, a recent legal win, where Judge Torres ruled XRP as not a security, marks a turning point, potentially setting the stage for its resurgence. Amidst this backdrop, the U.S. Federal Reserve’s interest in XRP as a potential player in the central bank digital currencies (CBDCs) space adds another layer to its story. 

Diverse Opinions on XRP’s Role

The debate on using XRP in CBDCs elicits mixed reactions. From the banking sector’s appreciation of Ripple’s offline capabilities to construction industry professionals proposing XRPL for creating side chains, XRP’s potential applications are varied and intriguing.

As XRP continues to navigate the complex currents of the crypto market, its story is far from over. With legal hurdles diminishing and its role in CBDCs gaining traction, XRP might be on the verge of rewriting its narrative. The coming months and years will tell if XRP can transform its steady rhythm into a groundbreaking move.


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[Source: Coinpedia]

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