XRP Price Gains Momentum, Fueling Optimism Ahead Of Important Decision
The controversial cryptocurrency known as XRP, which is associated with the company Ripple Labs and located in San Francisco, has managed to gain steam. According to data provided by CoinMarketCap, the fee has increased by 2.45% over the previous twenty four hours. After suffering losses in recent days, the value of some of the most prominent alternative cryptocurrencies has increased gradually over the past few days.
Bitcoin, on the other hand, is stuck in limbo and is currently trading at a price lower than $28,000. A significant verdict in the ongoing litigation brought by the Securities and Exchange Commission (SEC) against Ripple Labs has been delayed, but the price hike has fueled confidence among members of the XRP community.
Some think that the recent spike in prices may be related to their expectations regarding the outcome of the lawsuit. Ripple’s Chief Executive Officer, Brad Garlinghouse, has speculated in the past that the legal dispute will be resolved in the first half of 2023. What is the highest price XRP has ever reached?
According to data provided by CoinGecko, XRP is still trading at a discount of 86.11% from its all-time high of $3.40, which was reached on January 7, 2018. This is an important fact to remember. Currently, members of the XRP community are debating the topic of what exactly the all-time high is.
The most recent comment on the matter came from Ripple’s Chief Technology Officer, David Schwartz, who shared his thoughts on Twitter. Schwartz notes that the $3.84 figure that some have reported as the all-time high is misleading because it includes the Korean exchange rate which rates the won at the official exchange rate, which is unlikely in reality.
The official exchange rate is much higher than the market rate. Due to South Korean government regulations on financial transactions, he notes that it is impossible to actually receive $3.84 worth of XRP.