The XRP price has been on a massive tear, rising over 10% on the last day to cross the $0.68 level. Its gains now put it in front of other crypto large caps such as Bitcoin and Ethereum. As this outperformance grows, there are factors that have been driving it and these factors could indeed provide more fuel for it to continue.
Rise In Daily Transactions Could Be Driving The XRP Price Over the weekend, XRP saw some interesting metrics that could point to why the price has been rallying lately. One of these has been the rise in the number of transactions being carried out on the XRP Ledger.
According to the data available on BitInfoCharts, there has been a marked rise in the number of XRP transactions being carried out on a daily basis. The figure had dropped below the 1 million daily mark toward the end of October. However, November came with good tidings.
Daily transaction count crosses 1 million | Source: BitInfoCharts By November 1, XRP daily transactions were back above 1 million and there was a jump above 1.1 million on November 5. What this suggests is an increase in interest among participants of the blockchain, which is likely one of the factors driving the price.
Ripple Lawsuit Coming To A Natural End After securing multiple victories against the United States Securities and Exchange Commission (SEC) this year, Ripple is likely moving toward the end of a very bitter and long battle with the regulator. A potential settlement has been circulating the airways with the SEC wanting $770 million. But legal experts have said they expect this figure to be lowered.
Pro-XRP attorney John Deaton talked about the possibility that Ripple ends up paying $20 million and that this would mean a 99.9% victory for Ripple. Another pro-XRP lawyer Jeremy Hogan also chimed in to share that the settlement figure between the two parties will likely end up being “something much less.”
While both the SEC and Ripple are yet to comment on a possible settlement figure, the talks signal an end to a lawsuit that has adversely affected the XRP price over the years. As such, community members expect a conclusion to give the XRP price room to grow.
A Possible IPO A possible Ripple IPO is still very much dominating conversations in the community given the implications of such a move. Pundits anticipate that going public will send Ripple’s valuation to cross $100 billion and expectations are that the XRP price will follow the same growth trajectory.
There are some who believe that an IPO will eventually be bad for the XRP price. However, crypto expert Panos Mourkas believes such a move would actually increase the awareness of Ripple and any asset associated with it, such as the XRP token. “And remember: Ripple is one company, while XRP is a universal digital asset with multiple use cases & unlimited potential,” Mourkas argues.
XRP sitting above $0.68 | Source: XRPUSD on Tradingview.com Featured image from AMB Crypto, chart from Tradingview.com
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Scott Matherson Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.