November 7 has proven to be the worst day of the running month so far for the entire crypto industry. It was the day when the FTX exchange’s balance sheet was leaked.
It exposed that the exchange was backing up Alameda Research with funds belonging to the exchange users.
After that, everything turned to chaos in the cryptocurrency industry, and even now, the industry is trying to recover from that.
Even the largest cryptocurrencies such as BTC, ETH, and BNB have felt enormous pressure due to the FTX exchange.
The largest assets are also facing a downtrend except for a few that have already recovered and can be observed gaining in the recent trading sessions.
XRP Price Surged 10%
The trading price of XRP has recorded a strong rally in the past 24 hours. The data shows that XRP’s value has surged by 10% in the latest trading session.
At the start of the week, the trading price of XRP was at a low of $0.3404 but the recent trading session has changed that.
After the surge, XRP’s trading price hit a higher price at $0.3907. According to market analysts, this is not the only push XRP has experienced in its trading price.
More is yet to come in XRP’s direction in near future. XRP’s trading price is destined for stronger gains in near future and the rallies could be attributed to multiple positive factors.
Investors are Gaining Confidence
Due to last week’s FTX crash, a vast majority of investors lost their trust in crypto. They started to withdraw their funds from the exchange but that was last week.
The investors are now regaining confidence and as they return to the market, cryptocurrencies seem to be experiencing strong rallies.
This shows that despite the last week’s debacle, the investors have not fully lost faith in crypto. Instead, they want to support a bullish trend, for which they are forming strong rallies.
Ripple is Increasing its Power
Since the beginning of 2022, Ripple Labs has been expanding its business across the globe. It has expanded its business to multiple countries and has penned many strategic partnerships.
The company is aiming to increase its influence throughout the mainstream industry as well as the crypto sector.
This is in turn helping to boost the market value of XRP, allowing it to compete with the likes of Ether.
Ripple Labs is Winning against the SEC
After almost a two-year battle, Ripple Labs seems to be winning against the US SEC. Over a dozen companies have come in favor of Ripple Labs filing amicus briefs at the US court.
Even the likes of Coinbase, the second-largest crypto has requested to file an amicus brief. This is quite the achievement for Ripple Labs and ensures its future in the long run.
Given the positive factors falling in the line of Ripple Labs and XRP, the digital asset would easily cross the $0.40 barrier and hit a higher target.