XRP has had a great year, doing better than other popular cryptocurrencies, thanks to Ripple’s legal wins.
In 2023, the cryptocurrency market has bounced back after a tough period, bringing optimism for a positive trend.
Among the top ten cryptocurrencies, XRP has stood out as a winner. According to data from CoinGecko, XRP has surged by an impressive 64% since the year began, outperforming other major competitors in the top 10.
Top 10 crypto performance, year-to-date
Where do you see the market heading next? pic.twitter.com/Dl9BKeNshU
— CoinGecko (@coingecko) October 25, 2023
In the world of cryptocurrencies, XRP has outperformed some significant competitors, including Ethereum (ETH), Cardano (ADA), Binance Coin (BNB), Dogecoin (DOGE), and The Open Network (TON). This is quite remarkable because four of these altcoins have actually seen a decline in their value in a year that’s been one of the best for cryptocurrencies since 2021.
Specifically, ADA, DOGE, BNB, and TON have experienced declines of 20%, 13%, 8%, and 1%, respectively, since the beginning of the year. BNB’s situation has been compounded by legal issues, as the United States Securities and Exchange Commission (SEC) filed a lawsuit against Binance and its CEO, Changpeng Zhao (CZ).
On the other hand, some other coins in the top 10 have thrived due to improved market conditions. Solana (SOL), Bitcoin (BTC), and Chainlink (LINK) are leading the pack with impressive triple-digit returns of 214%, 106%, and 105%, respectively. Tron (TRX) and Ethereum (ETH) have also seen solid increases of 70% and 50%.
XRP’s Strong Performance Linked to Ripple’s Legal Wins
XRP’s impressive returns can be attributed to Ripple’s achievements in obtaining clear regulations for the cryptocurrency. In July, XRP experienced substantial growth after a U.S. District Court ruling determined that selling secondary assets did not qualify as securities transactions. This favorable news propelled XRP to $0.93, although it has since corrected to its current value of $0.55 as investors anticipate a final resolution.
Recently, The Crypto Basic reported that Ripple moved a step closer to such a resolution when the SEC voluntarily dropped related cases against Ripple’s key figures, Brad Garlinghouse and Chris Larsen. The ultimate agreement between the conflicting parties remains uncertain and will likely unfold in the months to come.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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