Ripple’s Chief Legal Officer Stuart Alderoty had once highlighted XRP’s unique positioning in the US following Ripple’s notable victories against the US Securities and Exchange Commission (SEC). His statement has more backing now as Americans seem to have taken more interest in the crypto token since then.
Americans More Interested In XRP Than Ethereum
According to recent data from Google Trends, residents in 48 out of the 50 states in the country seem to be more interested in the XRP token over the second largest cryptocurrency by market cap, Ethereum. Nevada, Delaware, Montana, Louisiana, and Arizona form part of the regions where the interest in XRP is at the most.
It is believed that some of this interest could have come on the back of the token gaining regularity clarity in the country when Judge Analisa Torres declared that XRP wasn’t a security in itself. The token had taken a hit when the SEC initially filed a lawsuit against Ripple back in 2020, as many crypto exchanges in the country moved to delist the crypto token.
Such a move undoubtedly affected the token’s market share in the country as only a few exchanges, like Uphold, opted against delisting the crypto token despite the legal encumbrance that was on it as a result of the SEC’s case against Ripple. However, following Judge Torres’ ruling, many exchanges have relisted XRP, paving the way for many residents in the country to invest in it.
Institutional Interest To Increase
It is also expected that institutional interest in XRP in the US will pick up since the major reason why many financial firms chose not to partner with Ripple was because of its legal battle with the SEC. With the case all but over, there could be more partnerships between Ripple and American firms very soon.
Such happenings will undoubtedly have a massive impact on the token’s price, especially considering the heights that XRP’s trading volume could hit if major banks in the country began to adopt the token to settle its cross-border transactions, just like Ripple proposes. Till then, Ripple and XRP, by extension, will likely continue to build on their impressive track record overseas.
XRP is also reported to enjoy a huge following in the Asian region, most especially in Japan, with the country contributing most to the token’s trading volume at some point. The reason for the token’s popularity isn’t far-fetched, as major financial institutions are said to have adopted Ripple’s payment service, which uses the token to settle cross-border transactions.
Token price recovers as popularity grows | Source: XRPUSD on Tradingview.com
Featured image from Bitcoin News, chart from Tradingview.com