The trading price of XRP has experienced a significant in the past 24-hours. Its value has increased significantly in the past 24-hours, getting pushed up by 1.5%.
XRP Price and Silvergate Bank’s Impact
Due to the surge, the trading price of XRP was pushed up to a high of $0.393371 per XRP. While these developments were taking place, Silvergate Bank was getting ready to make an alarming announcement for the users.
With Silvergate Bank announcing a voluntary liquidation, a state of panic spread throughout the cryptocurrency industry.
Cryptocurrency investors started to sell their holdings in cryptocurrencies and digital assets. They started to withdraw their funds from the crypto exchanges that had opened their accounts at the Silvergate Bank.
Surprisingly, the trading price of XRP was not hurt by the downtrend. It kept on surging and the situation is still positive for the investors.
Overall Performance Trend of XRP
The data shows that in the past week, the trading price of XRP has grown stronger by 2.5%. According to the past 30-day data of XRP, the asset’s price has not recorded any surge.
This means that the price of the asset has remained flat in the past 30 days. However, the performance that the asset has delivered since the start of 2023 is a 15.5% surge in value.
XRP’s Future is Bullish
Although the entire crypto market is facing a downtrend, the situation is still bullish for XRP. The asset’s valuation has been getting pushed higher due to recent developments.
Along with the general bullish trend of the asset, it is also backed by the strong sentiments of the community that is overseeing the Ripple-SEC case.
They are confident that Ripple will be able to win the case against the US SEC. For more than a couple of years, the US SEC has continued pressurizing Ripple Labs in court claiming it sold unregistered securities.
However, the proof and the data Ripple Labs has shared show that it did not breach any laws. It has also managed to prove from its side that the XRP it was issuing and selling to the US locals was not securities at all.
With clear success in sight, the Ripple and the XRP communities are confident that the value of the asset is going to rise tremendously.
Another major positive factor currently in the making is the expansion of Ripple Labs across the globe. The company has been partnering with several companies and countries from around the world.
The company has continued expanding throughout the world offering its expertise in the world of blockchain and even in the world of Web3 networking.
This is a major positive factor that is to help build stronger rallies in favor of XRP in the future. This would eventually result in the trading price of XRP moving to higher levels.
Whales are Moving XRP
Although the number of positive factors is high in favor of XRP, there is also a factor that may negatively impact the price of XRP.
The particular factor is the whales moving huge batches of XRP. The on-chain data analytics firms have revealed that several whales have been moving funds from one address to another.
The update has resulted in causing uncertainty among investors. They are not sure whether the whales are preparing to sell XRP or not.
The latest reports suggest that one particular whale has moved a large batch of XRP tokens. The data shows that the particular whale has moved $10 million worth of XRP from one platform to another.
There is a chance that the particular whale may proceed with selling the XRP tokens which may cause a dip in the trading price of the asset.
If the negative sentiments keep kicking in, the trading price of the asset may fall below the $0.37 level.