The cryptocurrency market has been turning pretty green recently and is experiencing another drop across the board. As most cryptocurrencies are down 2% against Bitcoin, XRP is holding its ground. At the time of writing, XRP price is changing hands at $0.4911.
XRP/USD 4-hour chart | Source: TradingView
XRP Price Demonstrates Extremely Interesting Action Against Bitcoin During Current Drop
While XRP is down only 0.5% against the dollar, it holds steady against BTC, trading over 1.5% to 3%. Being up more than 50% against Bitcoin over the past three weeks, the XRP price is currently at summer 2021 levels.
There could be several reasons for this XRP price action. The main reason, of course, is the looming denouement of the legal battle between the SEC and Ripple, where the regulator is seeking to recognize XRP as a security. Given recent important developments in this case, it seems the rope is now on the side of XRP and Ripple, but it will still have to wait until the full end.
The second, albeit less obvious, the reason may be today’s news regarding SWIFT and its CBDC experiments. SWIFT conducted successful tests using different technologies with CBDC. The trials involved French and German central banks as well as commercial banks. They considered how CBDC could be used internationally and even converted into fiat if necessary.
Given Ripple’s extensive expertise, using specifically XRP in its cross-border operations, in digital currency technologies, and the company’s involvement in the digital dollar initiative, such news in the same field is beneficial to investment valuation.
Read more:
- SEC Wants To Prevent I-Remit And TapJets From Filing Their Amicus Briefs
- XRP Price Might Be On The Cusp Of Another Significant Rally After Soaring In September