Our analysis on price and news continues with one of the most discussed cryptos of 2023: Ripple XRP.
Despite the legal issues that have affected the asset in recent years, XRP remains one of the leading cryptocurrencies in the market, and its resilience is remarkable.
Summary
Analysis of the price and market statistics of the Ripple (XRP) crypto
The current price of XRP is 0.61 USD, with a market capitalization of 33.0 billion USD. The transaction volume in the last 24 hours has reached 1.8 billion USD, while the circulating supply is 53.9 billion XRP.
The average holding period of XRP is 74 days, indicating a certain degree of stability in investor positions. In terms of popularity, XRP ranks at number 5 in the cryptocurrency landscape.
The all-time high of XRP was 3.84 USD, highlighting a significant peak in the past. However, in the last hour, the price has recorded a negative change of 0.07%, while in the last 24 hours, there has been a decrease of 4.22%.
During the week, a modest increase of 1.59% was observed, indicating a possible stabilization after larger fluctuations.
These data reflect the complexity of the cryptocurrency market, with XRP showing signs of fluctuation, but still maintaining a position of relevance.
Let’s now move on to the news regarding the XRP crypto.
Ripple accuses the SEC of ethical imbalance in their case
Lawyer John Deaton, a prominent supporter of XRP holders, has recently brought the Securities and Exchange Commission (SEC) of the United States into the spotlight, accusing it of ethical imbalances in the ongoing case against Ripple Labs.
The legal battle between the SEC and Ripple has been at the center of attention in the cryptocurrency industry, and Deaton’s recent claims add another layer of complexity to this high-profile legal drama.
Deaton specifically examines the interaction between former SEC chairman Jay Clayton and the law firm Sullivan & Cromwell.
Noteworthy is the previous hiring of Sullivan & Cromwell by ConsenSys during the acquisition of J.P. Morgan’s Quorum in 2020.
By drawing a parallel between this professional association and the perceived leniency of the SEC towards Ethereum and ConsenSys, Deaton suggests a connection that highlights a potential bias within the regulatory framework.
Deaton argues that if Ripple had used the representation of Sullivan & Cromwell at the time of Clayton’s appointment, the SEC would not have taken any action during his tenure.
This statement implies a certain bias in the SEC’s regulatory approach within the cryptocurrency industry, raising concerns about fair treatment and equal opportunities for various entities in this evolving landscape.
An important news from Binance could benefit the price of Ripple XRP crypto
Binance, the world’s largest cryptocurrency exchange in terms of trading volume, has made an important announcement that will have an impact on the XRP market.
Starting from December 8th, the platform will introduce zero-commission trading for specific pairs, including XRP/FDUSD. This initiative extends to other important pairs such as SOL/FDUSD, DOGE/FDUSD, BNB/FDUSD, ETH/FDUSD, and LINK/FDUSD.
The zero commission promotion will be active “until further notice”, allowing users to carry out operations without incurring maker and taker fees for the specified spot and margin trading pairs.
It is important to note that during this promotional period, the trading volume generated on these pairs will not be considered in the calculation of the VIP level volume. In addition, participants in the Liquidity Provider programs will find these pairs excluded from such programs during the promotion.
This move demonstrates Binance’s strategic approach in promoting trading activity and liquidity for these selected pairs.
It should be noted that FDUSD, the stablecoin involved in these trading pairs, is a reserve-backed stablecoin issued by a subsidiary of First Digital Limited, a financial company based in Hong Kong.
Initially launched on the Ethereum and BNB Chain networks, FDUSD has caught the attention of Binance, especially in light of the exchange’s decision to gradually phase out support for BUSD products in mid-December.
Binance encourages users to withdraw or convert their holdings in BUSD to alternative assets before the cessation of BUSD-related transactions on December 31, 2023. In particular, users from Japan, France, Italy, Poland, and Kazakhstan are exempt from these operational adjustments due to specific jurisdictional considerations.
