Although XRP’s weekly gain has been modest, its trading volume and market cap have risen by 49% and 7,5%, respectively, over the past 7 days.
The price of XRP, the token developed by the American company Ripple, has increased by nearly 7% in the last 7 days, according to data from cryptocurrency price monitoring platform CoinMarketCap, at the time of writing.
Source: CoinMarketCap
Ripple started to gain traction after a week of almost horizontal movements. The price of XRP went from trading near $0,32 USD last Monday to more than $0,35 USD currentlyOn Saturday, the price of XRP surpassed $0,36 USD per unit, which represents a peak growth of almost 16% at that time.
Currently, XRP’s market cap is $17.464 billion, while its daily trading volume exceeds $776 million. These figures represent a 7,5% growth in the cryptocurrency’s capitalization and a 49% growth in the amount traded per day with XRP since last Monday.
XRP ranks as the seventh largest cryptocurrency in the market by capitalization, above large projects like Cardano, Solana and Polkadot.
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Ripple XRP participates in the regulatory sandbox for the digital dollar
XRP's weekly gain is quite modest compared to other cryptocurrencies, such as LUNA and USTC, which have risen by as much as 200% weekly. However, XRP has been gaining momentum, mainly, due to the news of its participation in the implementation of a CBDC for the US dollar and also with the current results of the lawsuit that the company is facing from the United States Securities and Exchange Commission (SEC).
On Twitter, Antony Welfare, Ripple's senior advisor for CBDC and global partnerships, confirmed that Ripple is collaborating with Digital Dollar Project to launch a digital dollar pilot next month.
Likewise, Brad Garlinghouse, CEO of Ripple, encouraged the community by talking about the outcome of the current SEC lawsuit against Ripple.
Garlinghouse told Axios reporter Lucinda Shen in an interview that Ripple's ecosystem continues to grow rapidly despite the ongoing lawsuit. The Ripple CEO also noted that the SEC only has jurisdiction in the United States and that the rest of the platforms continue to operate with XRP, so it's almost as if the case has already been won.
While Garlinghouse is confident that he will get a ruling in his favor in the case against the SEC, he indicated that if the opposite happens, little will change for the Ripple ecosystem, as most cryptocurrency platforms in the United States stopped trading XRP when the SEC revealed the demand in 2020. “If Ripple loses the case, does anything change? It’s basically just status quo. Ripple continues to grow very, very quickly.”, Garlinghouse said, according to Bitcoin.com's report of his interview with Axios.
Main image from Forbes
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