United

Bitcoin

Rise

The <a href="https://bitcoinist.com/xrp-god-candle-is-coming/">XRP</a> price has been on a massive tear, rising over 10% on the last day to cross the $0.68 level. Its gains now put it in front of other crypto large caps such as Bitcoin and Ethereum. As this outperformance grows, there are factors that have been driving it and these factors could indeed provide more fuel for it to continue. 
<h2 class="p2" id="rise-in-daily-transactions-could-be-driving-the-xrp-price">Rise In Daily Transactions Could Be Driving The XRP Price</h2> 
Over the weekend, XRP saw some interesting metrics that could point to why the price has been rallying lately. One of these has been the rise in the number of transactions being carried out on the <a href="https://bitcoinist.com/google-microsoft-xrp-ledger/">XRP Ledger</a>. 
According to the <a href="https://bitinfocharts.com/comparison/transactions-btc-eth-xrp.html#3m" rel="nofollow noopener" target="_blank">data</a> available on BitInfoCharts, there has been a marked rise in the number of <a href="https://bitcoinist.com/ripple-ipo-harvard-valuation/">XRP transactions</a> being carried out on a daily basis. The figure had dropped below the 1 million daily mark toward the end of October. However, November came with good tidings. 
<img decoding="async" loading="lazy" class="alignnone size-medium wp-image-263181 aligncenter" src="https://bitcoinist.com/wp-content/uploads/2023/11/Screenshot-2023-11-06-at-10.07.42-640x276.png" alt="XRP price transactions" width="640" height="276" srcset="https://bitcoinist.com/wp-content/uploads/2023/11/Screenshot-2023-11-06-at-10.07.42-640x276.png 640w, https://bitcoinist.com/wp-content/uploads/2023/11/Screenshot-2023-11-06-at-10.07.42-980x423.png 980w, https://bitcoinist.com/wp-content/uploads/2023/11/Screenshot-2023-11-06-at-10.07.42-768x332.png 768w, https://bitcoinist.com/wp-content/uploads/2023/11/Screenshot-2023-11-06-at-10.07.42-1536x663.png 1536w, https://bitcoinist.com/wp-content/uploads/2023/11/Screenshot-2023-11-06-at-10.07.42-2048x884.png 2048w, https://bitcoinist.com/wp-content/uploads/2023/11/Screenshot-2023-11-06-at-10.07.42-750x324.png 750w, https://bitcoinist.com/wp-content/uploads/2023/11/Screenshot-2023-11-06-at-10.07.42-1140x492.png 1140w" sizes="(max-width: 640px) 100vw, 640px"> 
By November 1, XRP daily transactions were back above 1 million and there was a jump above 1.1 million on November 5. What this suggests is an increase in interest among participants of the blockchain, which is likely one of the factors driving the price. 
<h2 class="p2" id="ripple-lawsuit-coming-to-a-natural-end">Ripple Lawsuit Coming To A Natural End</h2> 
After <a href="https://bitcoinist.com/xrp-news-ripple-lawyer-sec/">securing multiple victories against the United States Securities and Exchange Commission (SEC)</a> this year, Ripple is likely moving toward the end of a very bitter and long battle with the regulator. A potential settlement has been circulating the airways with the SEC wanting $770 million. But legal experts have said they expect this figure to be lowered. 
Pro-XRP attorney John Deaton talked about the <a href="https://bitcoinist.com/pro-xrp-lawyer-20m-settlement-total-win-for-ripple/">possibility that Ripple ends up paying $20 million</a> and that this would mean a 99.9% victory for Ripple. Another pro-XRP lawyer Jeremy Hogan also chimed in to share that the settlement figure between the two parties will likely end up being “something much less.” 
While both the SEC and Ripple are yet to comment on a possible settlement figure, the talks signal an end to a lawsuit that has adversely affected the XRP price over the years. As such, community members expect a conclusion to give the XRP price room to grow. A Possible IPO 
A possible <a href="https://bitcoinist.com/linqto-ripple-ipo-2024/">Ripple IPO</a> is still very much dominating conversations in the community given the implications of such a move. Pundits anticipate that going public will send Ripple’s valuation to cross $100 billion and expectations are that the XRP price will follow the same growth trajectory. 
There are some who believe that an IPO will eventually be bad for the XRP price. However, <a href="https://bitcoinist.com/is-a-ripple-ipo-good-or-bad-for-xrp/">crypto expert Panos Mourkas believes such a move would actually increase the awareness of Ripple</a> and any asset associated with it, such as the <a href="https://bitcoinist.com/highlights-ripple-xrp-report/">XRP token.</a> “And remember: Ripple is one company, while XRP is a universal digital asset with multiple use cases &amp; unlimited potential,” Mourkas argues. 
<img decoding="async" loading="lazy" class="aligncenter size-medium" src="https://www.tradingview.com/x/qTQDerfM/" alt="XRP price chart from Tradingview.com (Ripple)" width="2650" height="1758">

XRP Price Rises Above $0.68 To Outperform All Crypto Large Caps, Here’s Why

Table of Contents

Bitcoinist

Other articles published on Nov 6, 2023

Ledger wallet holders lose $800k to fake app

MetaBID Unveils Unprecedented 1 x Bitcoin (BTC) Auction as User Engagement Skyrockets

Critical Vote Accepted at Arbitrum, Price Moved!

African countries ponder abandoning USD permanently

US sanctions Russian woman for laundering oligarch funds with crypto

Hong Kong’s SFC Explores Retail Access to Spot Crypto ETFs

Join our free newsletter for daily crypto updates!