XRP price surges 14%: here’s why

XRP price surges 14%: here’s why

By Onose Enaholo - min read
Updated 26 January 2023

XRP price has surged by 13.26% to hit a daily high of $0.3847 today. Although the coin had pulled back from the daily high to trade at $0.3729 at the time of writing, all pointers showed that the bull pressure was still on.

Today’s price surge comes as a relief for Ripple cryptocurrency, which has been battling a prolonged court battle against the US Securities and Exchange Commission (SEC).

It is the first time XRP is trading above $0.35 for the past two weeks.

Why is the XRP price rising?

Yesterday, June 23, the XRP Labs, the team behind RippleNet and XRP cryptocurrency, announced the launch of the Pro Beta version of Ripple’s main wallet, Xumm.

To start with, Xumm will only be available through paid subscription using Ripple’s native token XRP.

Once the Beta testing is completed, Ripple Labs is expected to launch Xumm Pro, which will have full functionality and subscribers will only have to switch to Xumm Pro from their wallet to use it.

Xumm Pro Beta features

Xumm Wallet features several innovations including the ability to split the wallet’s funds into two accounts: spending and saving, the opportunity to claim a free Tangem card, which is a kind of “cold” device for storing cryptocurrency, access to premium technical support, and the ability to buy XRP using Euros, through an on-ramp/off-ramp solution.

Ripple however clarifies that anyone wanting to use the Xumm Wallet will be required to go through a  know-your-customer (KYC) procedure, a requirement that is however optional in the Beta testing.

Rippe Labs innovations

Despite the hard times, Ripple Labs has been rolling various innovations including the XRP Ledger. However, the deployment of the Xuum Wallet is expected to drive the XRP price higher over the coming days.

The Xumm Wallet adds to the number of innovations that Ripple investors are expected to freely enjoy especially when the litigation by the US SEC comes to an end.