Ripple bulls seem to be active as the record is recording significant strides according to CoinMarketCap analysis. XRP, currently trading at $0.44 was 17.5% up from its previous 24-hour valuation as of the time of writing.
The assets market cap stood at $43,823,701,176, representing a 20% increase within the same period. The assets trading volume also recorded a significant 121% increase within the same period.
Why is ripple rallying despite an SEC lawsuit?
Notwithstanding the continuing litigation with the SEC, there is a possibility that investors will continue to choose XRP as their asset of choice because they have faith in the asset’s potential in the long run. XRP is a cryptocurrency that was developed to make international financial transactions easier, and the technology that underpins it has been embraced by a significant number of the world’s most important financial institutions. It is possible that if the case is decided in favor of XRP, it will open up new options for the asset, which might ultimately lead to an increase in its use.
In addition, the recent decline in the price of XRP might have been seen as a purchasing opportunity by some investors. When the price of an asset falls as a result of unfavourable news or events, some investors may regard this as an opportunity to purchase the asset at a reduced price and then hang onto it in anticipation of a possible gain in value in the future.
Last but not least, the powerful community and network impact that XRP has an appeal to some investors. XRP is backed by an enthusiastic and committed group of users that have faith in the future prospects of both the asset and the underlying technology. Despite the fact that this community is now involved in a legal dispute, it is possible that they may continue to support the asset and contribute to its future acceptance and expansion.