Ripple (XRP) Still Going Strong After Its Massive Drop Following the Lawsuit
Yesterday May 7th, Ripple’s price dropped almost 8.5% from the day before, and this decline managed to trigger a fall in its market cap which was under $32.4 billion. The crypto was pressured after the news that the company behind it was hit with a class action. It was Bloomberg that reported the fact that Ripple got hit by a lawsuit which alleged that it led a scheme to raise hundreds of millions of dollars via unregistered sales of XRP.
It was claimed that Ripple created billions of token out of thin air before making huge profits by selling them to the public via a never-ending ICO. Traders became really concerned about what kind of repercussions Ripple Labs would feel if they lose the battle in the court.
The current state of Ripple
Now, according to CoinMarketCap, Ripple is trading at $0.83, and its current market capitalization is $32,744,679,946.
As you can see, its market cap went up since yesterday, even if the crypto’s value dropped by about 4%. If you’re wondering how the coin manages to get itself together, well, the reasons are many.
Ripple’s platform is ideal for liquidity
For starters, Ripple has many resources, and it’s a liquid and reliable cryptocurrency. It’s listed in more exchanges than any other cryptocurrency, and the latest one is UpHold. Ripple’s platform includes a digital wallet that caters to credit and debit card’s features. Users can do financial transactions among 34 different currencies, digital assets and commodities. There’s also XRP-USD pairing which makes the Ripple platform an ideal option for liquidity.
Ripple gathers impressive names in the banking industry
SBI’s CEO Yoshitaka Kitao stated that Ripple would definitely be the number one crypto after it goes public. Japan’s SBI Holdings is an important banking conglomerate that adopted Ripple as a currency.
Transfers are quick, cheap and safe
Another point scored by Ripple involves the quick, safe, cheap and reliable transfers. It slowly becomes the street’s man’s currency, and this can hardly be beaten. For instance, a while ago on Reddit, a user explained that he was able to get a haircut using XRP to pay for it.
Despite the worrisome trend of the crypto market, it still safe to bet in Ripple. The coin dropped another 4% since yesterday, and this means that you can now buy it cheaper. Ripple will definitely become the star of the streets offering an option to pay for everyday services and goods.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.