Ripple’s XRP token is making a strong comeback in the US market after losing ground due to its legal battle with the SEC. Recent data indicates that the US now represents 5% of the global trading volume for XRP, and there are indications that the token could reach $1 in the near future.
In its latest quarterly report, Ripple provides insights into XRP’s performance in the third quarter, including its market share, trading volume, and volatility. One notable finding is that Binance continues to dominate XRP trading, accounting for approximately 60% of the total trading volume. However, there has been an increase in trading activity on US exchanges, indicating a resurgence in interest in the token.
Following Ripple’s legal victory against the SEC, major US exchanges such as Coinbase and Kraken have relisted XRP. Additionally, new listings by Gemini, Bullish, Deribit, and Bit.com have contributed to the token’s revival in the US market. This growth is significant considering the token’s decline in popularity after the SEC lawsuit was filed.
Ripple currently holds 5.25 billion XRP, which it can sell at its discretion. The company also has an additional 41 billion tokens in escrow, which are subject to programmed releases on a monthly basis.
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There are growing expectations that XRP could surpass the $1 mark in the near future. Despite previous attempts, the token has not been able to break through this barrier. However, one analyst believes that the conditions are aligning for a successful push towards $1. The analyst points to XRP’s Relative Strength Index (RSI), which suggests that the token could become bullish in the next two weeks.
XRP is currently trading at around $0.6, with a market cap of $32 billion. It remains the fifth-largest cryptocurrency by market capitalization, just below BNB. Reaching $1 would represent a significant milestone for XRP and could further solidify its position in the cryptocurrency market.
It is important to note that the information provided in this article is for informational purposes only and should not be considered as financial advice. Readers should conduct their own research and analysis before making any investment decisions.
In conclusion, XRP is making a strong comeback in the US market, with US exchanges now accounting for 5% of the global trading volume for the token. The relisting of XRP by major exchanges and the addition of new listings have contributed to its resurgence. There are indications that XRP could reach $1 in the near future, with one analyst pointing to the token’s RSI as a bullish indicator. However, readers are advised to conduct their own research before making any investment decisions.
