TL;DR
- Ripple’s XRP ranks seventh in discussion volume, likely due to the anticipation around its legal case with the SEC.
- The outcome of the lawsuit may significantly influence the entire cryptocurrency market.
These Cryptocurrencies Lead the Pack
The crypto market intelligence platform – Santiment – outlined the top 10 cryptocurrencies that have received the most attention this week.Â
Somewhat expectedly, the digital asset sitting at the top position is the largest by market capitalization – Bitcoin (BTC). The interest around it is usually high, but the levels have surged even more due to the halving scheduled to take place less than two weeks from now.
Santiment noted the impressive BTC price performance as of late, claiming that multiple traders are optimistic of “an $80,000 mark post-halving market value to sustain mining profitability.”
The event occurs roughly every four years and slashes in half the rewards distributed to miners for validating blocks on the Bitcoin blockchain. This reduces the temp of producing new coins, making them scarcer and potentially more valuable in the future.
Historically, each halving in the past has been followed by a huge resurgence for BTC’s price and the entire digital asset market.Â
Ethereum (ETH) follows on the second spot. According to Santiment, the main discussions surrounding the asset are related to its potential growth in the upcoming months, gas fees, and network congestion.
Solana (SOL) has also generated a solid amount of attention, rounding up the top 3 list. “Network congestion on Solana remains a polarizing topic as traders experience transaction and staking issues. In spite of these discussions, there is still a large contingency of supporters of the network, who see it as a direct improvement of fees and speed compared to Ethereum’s,” the platform stated.
Where is XRP?
Ripple’s XRP was placed as the seventh most dominating cryptocurrency in terms of discussions. It surpassed Lido DAO (LDO), SafePal (SFP), and Tron (TRX) which ranked at the bottom of the top 10 club.Â
The interest surrounding XRP could be related to the upcoming lawsuit between Ripple and the United States Securities and Exchange Commission (SEC). The entities, who have been in a legal spat for over three years, face each other on a grand trial set for April 23.
The outcome of the case may positively impact the price of XRP (in the event of a decisive win for Ripple, of course), while the opposite scenario might have a negative effect on the crypto industry.
Those willing to observe additional elements hinting that the price of the token is set for explosive growth in 2024, please check our dedicated video below:
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