In the midst of unique recoveries in the crypto market, Ripple (XRP) has managed to defy the bearish trend, exhibiting a noticeable increase in its price. The digital currency is currently trading at $0.5151, marking a 2.25% growth over the past 24 hours, according to data provided by CoinGecko.
This positive trend solidifies XRP’s efforts to stimulate a resurgence to new price levels, with its valuation soaring as high as 7.48% in the past week.
Ripple (XRP) Met with U.S. Regulators
Despite being at the heart of the ongoing dispute between the United States Securities and Exchange Commission (SEC) and blockchain payments firm Ripple Labs Inc., several factors are influencing its price.
Notably, recent actions by Ripple Labs’ executives, including CEO Brad Garlinghouse and General Counsel Stuart Alderoty, have garnered attention. Both, along with others, visited the SEC office in Washington DC, to discuss regulatory clarity issues for the digital currency ecosystem with elected members of Congress and SEC officials.
While the details of the meeting’s outcome and expectations remain undisclosed, it is evident that Ripple is playing a crucial role in advancing the maturity of the crypto space. As far as XRP is concerned, there will always be an influential deadlock between the bulls and bears within its ecosystem.
While buyers may exhibit bearish tendencies to take profits in line with market growth, the coin’s biggest backers will always increase their positions in line with fundamentals bolstering impressive conditions in the ecosystem.
XRP continues to be a growing utility coin, further promoted by the mass of offerings emerging from the XRPL protocol. In the long term, the external influence on XRP is set to pave the way for its eventual emancipation.
This bullish uptick in XRP’s price, driven by Ripple Labs’ latest moves, underscores the dynamic and evolving nature of the cryptocurrency market.