The price of XRP has fallen this year, like many other cryptocurrencies. The strong currency capitalization fell 52.3% year-to-date, reflecting overall declines in the cryptocurrency market, which is unsurprising given its position.
XRP, despite its decline, remains an attractive investment option for investors. As the year draws to a close, there is renewed hope that the value of the currency will rise. This article will share three reasons for this hope.
the token Ripple’s XRP has become the de-facto market standard for cross-border payments, and it presents an important use case for investors looking to make money and users who need cryptocurrency-specific functionality.
SEC lawsuit may be coming to an end
For a year and a half, the dispute between the developer of XRP, the Californian company Ripple Labs, and the Securities and Exchange Commission (SEC) is a major obstacle.
In December 2020, the securities regulator sued Rippleaccusing it of violating securities laws when it offered XRP to investors in its initial coin offering (ICO).
The case had a significant impact on XRP, including the withdrawal of the asset from several cryptocurrency exchanges. However, it could have far-reaching market implications, as it could pave the way for the SEC to classify digital assets as securities in the future.
Meanwhile, last week there was renewed optimism that Ripple would win this legal battle. Both parties sought summary judgment in separate filings with the United States District Court for the Southern District of New York.
These judgments are filed when a party believes there is enough evidence to make a decision without court case. Additionally, Ripple executives have maintained that the SEC has failed to establish a basis to classify XRP as a security.
It is uncertain whether the SEC matter will be resolved soon. Nevertheless, the investors XRP are bullish.
CFTC visit bolsters prospects for favorable classification
As he grapples with the SEC over the best classification for XRP, Ripple Labs appears to be in advanced talks with another financial watchdog.
Caroline Pham, commissioner of the Commodity Futures Trading Commission (CFTC), confirmed earlier this week that she had met with Ripple Labs CEO Brad Garlinghouse as part of his “learning tour” on cryptocurrencies. . This visit raised hopes that XRP could be classified as a commodity rather than a security, as the DRY.
The supporters of cryptocurrencies repeatedly pointed out that the CFTC should regulate them. Thus, Pham’s visit to Ripple and his interaction with Garlinghouse raises the sentiment of holders, but also the position of supervisors and regulators.
Energy consumption in the spotlight
For more than a year, the crypto market has been blamed for its role in climate change. You’re here stopped accepting bitcoin as a means of payment, and several lawmakers expressed contempt for digital assets and their excessive consumption of resources.
However, Ripple wants to change the narrative. Earlier this week, Ripple Labs announced that it had signed the Climate Pledgejoining more than 375 other companies striving to create an energy-positive future.
Market attention is likely to remain focused on energy consumption. Ethereum recently completed its transition to proof-of-stake (PoS), which is expected to reduce global carbon emissions by up to 0.2%. Ripple is at the forefront of this battle to stay ahead of the race for good.
Update – XRP is also holding its value despite the collapse of cryptocurrency prices after the FOMC – XRP outperforms Bitcoin and Ethereum to a greater extent.
Tamadoge: Perfect for profit-seeking investors
Although XRP seems like an intriguing asset, there are other massive profit opportunities for investors. One such opportunity is presented by tamadoge (TAMA).
Tamadoge, which debuted in 2022, bills itself as a “play-to-win Dogecoin.” Currently, it is among the most popular blockchain gaming projects, allowing players to earn through its native TAMA token. The platform is also trying to penetrate the metaverse, with the upcoming launch of its Tamaverse native.
TAMA recently completed its pre-sale, raising a total of $19 million. This pre-sale exceeded that of several well-known cryptocurrencies, includingEthereum. TAMA is now expected to be listed on centralized exchanges, which will make it more accessible to investors. With the Tamadoge platform expected to be fully operational in the fourth quarter of this year, it might make more sense to buy the currency now.