The crypto markets are at one of their worst phases in many years. The recent FTX collapse has added further strain on the industry. However, some tokens are coping with the times better than others. XRP, for example, has lost the least over the previous week among the top 10 non-stablecoin cryptos. The token is down by 3.7% over the week, while Polygon (MATIC) is down by 21.6%, and Cardano (ADA) is down by 11.3%. Even Bitcoin (BTC) is down by 4.9% in the same time frame.
This brings us to the question…
Whats pushing XRP?
Ripple, the firm that utilizes the XRP ledger, wrapped up its Ripple Swell conference yesterday. In attendance were representatives from important traditional banking institutions, including Mastercard and Bank of America. The announcements made at the conference might have something to do with XRP’s current state.
RippleNet and On-Demand Liquidity (ODL) technology advancements were announced at the event. Nearly 40 payout markets, or 90% of FX markets, are now active on ODL, marking a significant milestone for the company. The enormous increase in XRP-powered technology use should aid the cryptocurrency’s further development and growth.
Ripple CEO Brad Garlinghouse said that there would be more announcements soon, further adding to XRP’s positive sentiment.
Another important factor is the ongoing SEC vs. Ripple lawsuit. Many expect the crypto firm to come out on top in the almost 2-year-long suit. A majority of the amicus briefs have been filed in support of Ripple.
Community lashes out at Jim Cramer
In a recent episode of CNBC’s Squawk Box, Jim Cramer took a dig at XRP, stating,
“What do we know about Solana? What do we know about XRP? The answer is zero. The reason we know zero is that the government doesn’t feel it should be regulated. We put them up…we put up lots of Enron.”
The community did not take this very well. Many, including attorney John E Deaton, took to Twitter and expressed their dissatisfaction with Cramer.
At press time, XRP was trading at $0.384046, up by 0.8% in the last 24 hours.