Ripple is Rippin’

Ripple’s (XRP) post-election surge has made it the third-largest crypto by market cap, surpassing the stablecoin tether.

Wait, what’s XRP again? XRP is the native token for a payments protocol managed by Ripple Labs. Long before we even began writing CoinSnacks, Ripple was helping banks settle cross-border payments by providing a faster, cheaper alternative to traditional systems like SWIFT.

Regulatory backdrop: Ripple Labs has been through the gauntlet of legal challenges throughout the years. Most notably was a lawsuit filed by the SEC in December 2020, alleging that XRP was an unregistered security.

But in July 2023, Ripple achieved a partial victory when a federal judge ruled that XRP is not necessarily a security when sold on exchanges to the general public.

This legal clarity, along with some recent big developments, has boosted investor confidence and contributed to the recent surge.

What’s new over at Ripple?

By the numbers: 

Our Take: Unlike many most coins riding the current bull market, Ripple's XRP actually does offer some tangible utility in the real world. And perhaps investors are now finally recognizing that Ripple isn't just a crypto dinosaur but, rather, a longstanding industry player with a real use-case partnering with banks globally.

Now, the typical word of caution here is that Ripple is “completely centralized.” Bitcoin, on the other hand, offers similar cross-border transaction capabilities without all the centralized risk.

But who are we to say “watch out” because of centralization factors. Just like any publicly-traded company, Ripple has a leadership team guiding its direction.

The bigger concern for investors right about now should be its rapid surge in price. Any time the XRP Army (basically, the OG annoying memecoin/degen crowd) comes out of hiding, let alone a token of this size soaring 400% in less than a month, is a sign of a top.

We’ll give credit where credits due. Ripple’s resurgence underscores its continued relevance and its efforts to solve real-world problems. But history would tell us to proceed with caution.

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Crypto Gets Caught Up in S. Korea Turmoil

In what seems like a completely rogue move, S. Korea’s President, Yoon Suk Yeol, instituted martial law on Tuesday claiming it would prevent the opposition from trying to paralyze his administration amid a political rift.

What happened (TLDR): In a surprise, nationally televised address, Yoon declared martial law in S. Korea for the first time in decades.

While the entire ordeal occurred in under 6 hours, the impact was felt throughout the entire market. You can find what it means for the traditional stock market elsewhere, but as always our interest is what it means for the crypto markets.

Impact on Crypto: As the Korean won (KRW) fell to its weakest exchange rate against the dollar in 15 years, Korean-based crypto exchanges Upbit and Bithumb struggled to meet demand. Outages affected users throughout the day.

Why it matters: While S. Korea has had a good amount of political upheaval, it’s far from a 3rd would country. It goes to show that short term price impacts can happen at any time on any day in any country. Stay frosty.

Meanwhile: France's government teeters on collapse.

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