Ripple’s XRP cryptocurrency appreciated 5% earlier this week following its listing on the Chicago Mercantile Exchange (CME). CME is a major player in the derivatives market, offering a wide range of commodity-related derivatives. XRP is looking to set the tone for the incoming altcoin season, but it has major obstacles to clear before it can achieve post-real growth.
The world’s seventh-largest cryptocurrency by market capitalization is currently experiencing some resurgence. Its on-chain activity recorded a four-month high even as many altcoins continue to falter. The cryptocurrency is currently trading just below $0.6 at press time after it posted some price appreciation during the week. It has since cooled down slightly, but the intent remains positive.
XRP Posts Impressive Performance in July
What is even more notable is that the cryptocurrency has recovered 63% in the last three weeks alone, outperforming virtually every other major altcoin in the market. It was trading close to $0.38 at the start of the second week of July, and now it is sitting comfortably above $0.58.
What is Next for XRP?
XRP’s recent price action is being viewed with anticipation by its investors. The community is one of the most vocal on social media platforms like X, but it has been unable to propel the digital currency to the heights achieved during the 2016-2017 bull market when it posted its All-Time High (ATH) of $3.50.
The cryptocurrency’s last four years have been a major struggle as it negotiated a massive securities case brought forward by the US Securities and Exchange Commission (SEC). Despite a partial victory in July 2023, XRP has struggled to perform, and its parent company has been unable to recreate the magic of late 2017.
However, as the Ripple vs. SEC case nears its conclusion, and with the cryptocurrency performing admirably amidst a major altcoin downturn, XRP may recover some of its previous losses due to the extensive litigation exercise. Presiding Judge Analisa Torres is currently deliberating a final decision in the SEC case. A favorable ruling could allow XRP bulls to capitalize and hit the ground running. Otherwise, the company is expected to appeal, prolonging the case and dampening hopes for XRP to flip Ethereum for the coveted second place in the crypto charts behind Bitcoin.
