May 8, 2024

XRP sees resurgence in popularity among Binance Smart Chain whales

BSC whales regain confidence in XRP as it rises 12.90% in value

XRP, the cryptocurrency created by Ripple Labs, has recently seen a surge in trading among the largest Binance Smart Chain (BSC) whales, with the token entering the top 10 most traded assets among the 500 largest BSC whales. This follows a 12.90% increase in the token’s value over the past week.

The recent performance of XRP has been noteworthy, with the token staying close to industry leaders like Bitcoin and Ethereum. In the past 24 hours, XRP recorded a 2.93% increase, marking its sixth consecutive green session. Today, the token is up by 2.98%. With this performance, XRP currently has a value of $0.3876 and a market cap of $19.66 billion, ranking it as the #6 cryptocurrency on CoinMarketCap.

Currently, only two stablecoins (Tether and USD Coin), the Binance token (BNB), Ethereum, and Bitcoin rank higher than XRP. The coming weeks and months will be crucial for determining the future of the project, particularly with the outcome of the lawsuit against the Securities and Exchange Commission (SEC).

The SEC has filed a lawsuit against Ripple Labs, the company behind XRP, claiming that the token is unregistered securities. The final verdict of the judge in this case is expected in the coming months, and it is crucial for both XRP and the rest of the crypto industry that the judge rules in favor of the project. If not, there is a chance that XRP will be delisted from many exchange platforms, as trading platforms are not allowed to list securities without a license. This could have a significant impact on the token’s value and trading volume.

In addition, a negative judgment by the judge for XRP could also mean that the SEC will take a closer look at other projects and potentially classify them as securities as well. This could have a broader impact on the crypto industry and could lead to stricter regulations for the sector.

In conclusion, XRP’s recent performance and increasing trading volume among the largest BSC whales are encouraging signs for the project. However, the outcome of the lawsuit against the SEC will be a crucial determining factor for the future of the token and the broader crypto industry.

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