XRP entered the top 10 for altcoin profitability

XRP entered the top 10 for altcoin profitability

By World Crypto | World Crypto | 1 Aug 2020


XRP began to give signals of recovery, entering the top ten assets in terms of daily profitability Ripple is still trying to sort out class action lawsuits The company does not seem to be too worried about the growth of the asset, constantly pouring out large amounts of XRP.

One of the most controversial altcoins is showing signs of life for the first time and has already become the leader in terms of payback.

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Altcoin XRP (XRP), which has long been considered an outsider in the virtual asset market, has shown stable growth dynamics for the first time since May. Since July, the XRP token has grown by almost 35% and at the time of writing is trading at $ 0.28 (+ 12.63% per day gain), entering the top ten assets in terms of profitability, according to CoinMarketCap.

In addition to the fact that the altcoin season is on its way, XRP growth is due to positive news about the effective performance of Ripple's cooperation with MoneyGram. The well-known financial company MoneyGram reported Ripple payments of $ 15.1 million in the second quarter of this year as liquidity on demand (ODL).

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Judicial barriers

MoneyGram is actively using Ripple's xRapid service for cross-border payments, which means the Californian fintech company's products are effective for traditional financial markets.

However, the protracted bullish XRP trend may end before it even starts. Ripple is still drowning in class-action lawsuits, in which the company is accused of false statements and unfair competition.

Despite the fact that Ripple is trying to get rid of the lawsuits, citing the inconsistency of the charges, the co-founders of the fintech company themselves are actively contributing to the token dump.

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According to the XRPL monitoring service, the address belonging to the former head of Ripple, Chris Larsen, recently transferred 75 million XRP ($ 19.5 million) to an anonymous wallet.

Intentional downgrade

The XRP community has often accused Ripple, which is the largest holder of XRP tokens, of deliberately pressuring the asset by causing a bearish trend with large token withdrawals.

However, some consider it dubious to look for a direct correlation between the actions of Ripple itself and the price of XRP.

Anthony Pompliano, co-founder of Morgan Creek Digital, a cryptocurrency hedge fund, said earlier that he saw no reason why the XRP price should depend on the success of the issuing company.

“For me, the success of Ripple does not mean that XRP has to be successful,” said Pompliano.

 



World Crypto
World Crypto

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