XRP Is the Sixth-largest Crypto by Market Cap — Will It Continue to Rise?

Paigambar Mohan Raj
Source: FX Empire

XRP has overtaken Binance’s BUSD stablecoin to become the sixth-largest cryptocurrency project by market capitalization. The project now has a whopping $19.2 billion market cap, according to CoinGecko.

Although now in the red, XRP did enjoy a brief rally after the US CPI (Consumer Price Index) data was announced. Many cryptocurrency projects began to show signs of relief after US inflation data came in to be lower than expected. Also, the SEC vs. Ripple lawsuit is entering its final stages, with XRP investors on edge about the verdict. The decision could impact the whole cryptocurrency market. Hence, the case has become one of the drivers of the coin’s price. The community’s current focus is on regaining the $0.50 mark, which has been seen as a stepping stone to reaching $1.

Moreover, it is possible that investors began to cash out of Binance and its products after a Reuters report claimed that there could be charges against the exchange?

Will XRP rally further?

Coin Price Forecast predicts the coin to trade at $0.38 by the week ending Dec 18, and states it will likely stay steady throughout. The measures further indicate that by the end of 2022, XRP will have gained virtually nothing.

Moreover, the SEC vs. Ripple lawsuit has led to many eyeing XRP. Both sides have submitted their closing arguments and are awaiting the verdict. US attorney Jeremy Hogan believes there are four possible outcomes for the lawsuit. These include a win for either side, a draw, or an unexpected decision by the judge. Regardless, the verdict is expected to impact XRP’s price. Some even expect a conclusion to be reached by Dec 15. However, there is no proof to support this.

At press time, XRP was trading at $0.380851, down by 2.8% in the last 24 hours. Moreover, the currency is down by 88.8% from its all-time high of $3.40, attained in January 2018.