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Is Sologenic Driving XRP Price High Amid Tumbling Crypto Market?


coingape.com 22 September 2022 19:35, UTC
Reading time: ~2 m

XRP, Ripple’s native token prices are riding high while other major cryptocurrencies are trading under heavy selling pressure. XRP has emerged as the top gainer over the past 7 days beating all the market sentiments.

Is Sologenic a key behind XRP surge?

As XRP charts, Sologenic can be the main reason behind the current spike in the XRP prices. Sologenic is a fast and secure DEX and NFT marketplace built on the XRP ledger. XRP/Sologenic prices have jumped by over 10% in the last 24 hours.

XRP charts also suggest that XRP/STX’s price has spiked by more than 32% in the same time. However, STX is the first multi token soft staking platform on the XRP ledger.

Seems like a recent spike in NFT build on XPRL is driving Ripple’s native token to surge. According to Coinmarketcap, XRP prices have jumped by 11% in the last 24 hours. However, its price has surged by 35% in the last 7 days to beat other top cryptos.

XRP’s 24 hour trading volume has jumped by 11% to stand at $4.18 billion. It is still holding a market cap of more than $22.3 billion amid the recent crypto market dump.

Ripple winning the crucial long ruining case?

Earlier, Coingape reported that Crypto whales are shifting from Ethereum to Ripple’s native token over the past week, ETH which is the second largest crypto is down by 16% over the past 7 days. Meanwhile, Ethereum just went through a historical transition from PoW to PoS.

As per a report, the Ethereum price has registered a huge correction. It has lost more than 20% since then.

However, the XRP price is on an upward trend as both parties in the Ripple lawsuit filed motions for the Summary Judgment. This has eventually led to a boost in investor sentiments.

However, a new Amicus Curie just entered the Ripple lawsuit. The Chamber of Digital Commerce filed for access to file the brief.

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