Ripple (XRP) posted double-digit gains as the US maintains its positive stance on cryptocurrencies
Ripple has been involved in a lawsuit against the SEC in the US, but XRP investors seem to be bullish on the currency. XRP has broken away from the other top coins with a strong increase of 13% in the past 24 hours as the SEC’s case against Ripple continues to run out of steam.
How & where to buy Ripple in the UK and elsewhere
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What is Ripple and why is it rallying?
XRP is one of the most popular cryptocurrencies and has a strong use case. It is a direct competitor to the SWIFT network, the preferred banking partner all over the world. Ripple’s rise was halted abruptly after it was subjected to a legal case in the US. The SEC alleges that Ripple completed the sale of its token, XRP, without registering it as a security, an offence under US laws.
However, if Ripple manages to settle its case, then it would make XRP one of the strongest coins on the planet as it would remove all regulatory hurdles for Ripple.
Should I buy XRP today?
The remittances market is a huge industry in itself and Ripple can provide the necessary infrastructure to provide near instantaneous and low fee transactions. An investment in XRP currently would require a close monitoring of its case in the US since that is likely to have a strong bearing on its future price. The price could potentially double or triple from the current levels easily if the case is decided in favour of Ripple. XRP was trading at $1 at the time of writing.
Ripple weekly chart. Source: CoinMarketCap
However, this also provides a unique opportunity for traders to take advantage of the price volatility.