Ripple has been the most successful and profitable cryptocurrency in the past 24 hours from the list of the top ten cryptocurrencies in the market, but what could be the reason behind this while the market is having a recovery?
XRP has had a 49.37% surge in performance in the past thirty days according to data from CoinMarketCap.
Even Though other assets have also shown a certain price increase, their performance has stayed red except for Ripple. In the last 24 hours XRP price has increased by 8.86% to be traded at $0.4858 at press time. It could almost be said that Ripple is the only stablecoin that has shown splendid performance at the time span mentioned above.
But what could possibly be the reason behind Ripple’s sudden success? A few days before, a sudden increase happened in the number of Ripple’s transactions and that is one reason why we have seen a surge in the price of this asset. Another reason why XRP has surged above its actual and normal level is the role of Ripple whales that seems to have been well played in the past week with a few large transactions.
It’s been said that Ripple investors and traders have been taking advantage of the recent surge, but should the future traders also look forward to gaining profits from the asset?
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According to data by Glassnode, the surge had been of better profit to those short-term investors in Ripple compared to longs, but a little bit of more inflation would reach those long-term investors and traders to noticeable profit too.
One more thing is the issue of the SEC lawsuit, which (if drawn to a conclusion) will affect the price of the asset significantly. The close to the SEC case can boost the price of the asset massively and help it surpass its past problems.