The native Ripple asset, XRP, is now outperforming its crypto brethren. Hopium on SEC win and strong fundamentals are boosting its performance.
Crypto markets are seeing little movement today, but Ripple’s XRP is making a splash. Cross-border payment assets have formed more than 6% since January 2. Moreover, it is the leading markets in the first week of the year.
However, there has been no specific news from the Ripple camp. The move appears to have been prompted by Hopium and the promise of a better year in 2023 for the fintech firm.
Bitboys crypto creator Ben Armstrong was confident of victory against the Securities and Exchange Commission this year:
Ripple hopium and fundamentals
However, the current crypto climate is surrounded by dark clouds even after the 2022 contagion. This may well incite regulators to crack down on the industry and companies operating in digital assets.
Armstrong also predicted that SEC Chairman Gary Gensler would resign. This would be good news for Ripple and a positive development for the entire crypto industry. Gensler is hell-bent on getting crypto assets classified as securities and cracked down on by enforcement.
However, the ongoing case against Ripple is not likely to end until Q2.
Apart from Hopium, Ripple is also actively working on new products and services for 2023. XRP community members highlight upcoming developments and use cases for Ripple.
The company has expanded and streamlined its services from just three products a few years ago. RippleNet and ODL (On-Demand Liquidity) activity has increased as the company onboards more partners.
Furthermore, on-chain and whale activity is on the rise, according to analytics provider Sentiment. The analyst says that the recent negative sentiment has not caused the price of XRP to decline:
“This could potentially be a sign that sellers are ‘fatigued’, meaning that fewer and fewer sellers are willing to sell at current prices.”
xrp price outlook
XRP is currently trading up 5.3% over the past 24 hours. As a result, it reached $0.349 at press time.
However, XRP has fallen by about 4.6% in the past week and remains range bound. That said, it is still a top performing asset in the top twelve.
Like most cryptocurrencies, XRP has been in a downtrend over the past month, down by 10%. Furthermore, it is currently down 90% from its high around this time five years ago.
disclaimer
BeInCrypto endeavors to provide accurate and up-to-date information, but shall not be responsible for any missing facts or incorrect information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so do your research and make your own financial decisions.