Ripple’s XRP surged over 58.59% year to date.
XRP skyrockets to a ten-month high of $0.55.
The social dominance of XRP, the cryptocurrency linked to Ripple Labs, has significantly increased recently. Following that, the XRP token has surged over 12% in the last 24 hours to hit a ten-month high of $0.55. This is the first time since May 08, 2022, XRP has achieved this feat. Also, this cryptocurrency’s social presence has reached its highest level in a year.
The market performance of XRP has been impacted by this enhanced social consciousness. That also resulted in the potential to cause more chaotic price changes due to increased trading activity and public interest. XRP entered the “5th green candle day,” and skyrocketed more than 46.7% in the last 14 days.
XRP Price Action – CFTC Lawsuit Against Binance
Ripple’s XRP token price climbed and overcame a general market downturn after a case was brought against renowned crypto exchange Binance by the U.S. Commodities Futures Trading Commission (CFTC).
Today’s XRP price increase of 12% was followed by a yesterday-ending price of $0.5168, which has seen an 8% increase. For the first time since Terra Luna collapse (May 2022), XRP maintained its $0.55 range. Also, XRP’s price has soared more than 58.59% year to date, while the largest cryptocurrency, Bitcoin (BTC), has risen about 70%.
XRP (XRP) Price Chart (Source: CoinMarketCap)
At the time of writing, XRP traded at $0.5462 with a 24H trading volume of $3 billion, up around 5%. And XRP holds a market cap of $27 billion, which soared over 12%.
In a filing against Binance, CFTC brands Bitcoin and Ethereum (ETH) as commodities. Ripple community believe that XRP tokens were also “commodities rather than securities,” which has been claimed by the U.S. Securities and Exchange Commission (SEC) in the ongoing Ripple v. SEC case. However, XRP traders are expecting price movements amid speculation about what it could imply for Ripple and XRP.