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XRP Reaches $ 60 Billion Market Cap As Analysts Warn Of The Possibility Of A Drastic Correction

Ripple (XRP) has seen expressive retail demand in the last 48 hours, as the price of the cryptocurrency jumped from $ 1.05 to $ 1.34.

On August 15, 2021, the total market capitalization of XRP exceeded $ 60 billion for the first time since May 19, 2021.

According to the latest data from Coingecko, XRP remained the top-performing cryptocurrency in the top 10 over the past seven days, with substantial gains of more than 60%. The sixth cryptocurrency in the world is trading near USD 1.25 on Monday, with a market capitalization of approximately USD 60 billion.

Source: Coingecko

The most recent jump in demand for XRP came after RippleLab, based in San Francisco, will announce several partnerships to increase the use of RippleNet, the company’s global financial network, and XRPL.

Association announcements and regulatory issues

Last week, Global Money Express (GME Remittance), one of the largest non-bank remittance service providers in South Korea, announced that the company had joined RippleNet to partner with Siam Commercial Bank (SCB), the largest bank in Thailand in terms of market capitalization. XRP soared almost 10% following GME’s RippleNet announcement.

Even in the face of this good news, regulatory woes remain a stone in Ripple’s shoe and serve as a brake on the prospect of a lasting rally for the XRP token.

The US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple in December 2020, alleging that the latter participated in this illegal offering of securities by selling XRP tokens in 2013 and later. Ripple has denied the allegations.

On August 16, Ripple will respond to the motion filed by the SEC for access to “terabytes” of Slack communications data. The documents, if presented, could shed light on whether or not Ripple sold XRP to its investors as securities.

According to the Brazilian expert Felippe Percigo, professional investor and MBA professor in Digital Finance and Blockchain, chose five cryptocurrencies that do not offer good investment prospects this year: Dogecoin, Shiba Inu, Tron, Bitcoin Cash and XRP.

Regarding XRP, Percigo argues that Being a centralized cryptocurrency and having faced problems with the SEC, XRP is not a good investment option.

Keep reading:

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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