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When iTrustCapital was first created, the company grew exponentially with support of the XRP community who saw the benefits of a tax-advantaged Crypto IRA.
This community is energetic and passionate about the potential technological utility and benefits XRP can provide to the traditional banking industry.
Then in 2020, a shockwave echoed throughout the industry and the XRP community when Ripple was sued by the SEC creating uncertainty with this cryptocurrency.
As a result of the lawsuit, our liquidity providers made the difficult decision to suspend the ability to buy and sell XRP on our platform. However, iTrustCapital clients holding XRP were able to keep it held in custody via their retirement accounts.
Fast Forward to 2023
On July 13th, 2023, U.S District Judge Analisa Torres of New York made a decision, in favor of Ripple, that XRP was not deemed a security, as related to retail investors.
When the judgment was issued, iTrustCapital was one of the first companies in the nation to enable the buying and selling of XRP. The XRP community was overwhelmingly enthusiastic about this news and propelled the platform into widespread attention.
This had a tremendous impact on people opening up Crypto IRAs and investing in XRP using their iTrustCapital account.
The Impact of XRP by the Numbers
Bitcoin has traditionally dominated on our platform, accounting for over 30% of the total transaction volume over the past 12 months. To put this in perspective we offer 30 different cryptocurrencies as well as gold and silver, and Bitcoin accounts for one third of all transactions. Nothing has even come close to challenging Bitcoins volume dominance until now.
After re-listing XRP on July 13th through the end of July, XRP has accounted for approximately 31% of all transaction volume, outperforming Bitcoin, which fell to 22% during that time. Time will tell if this trend continues, but it is quite impressive to see XRP volume 41% higher than Bitcoin for a sustained period.
Additionally, since the re-listing of XRP on July 13th, we have observed an uptick in new accounts. The number of new sign-ups has more than doubled, reflecting a growth of 105%. This remarkable increase not only signifies a heightened interest in XRP but also people understand the benefits of using a tax-advantaged IRA.
In light of these developments, it is clear that XRP’s dominance is emerging as a frontrunner on our platform.
Empowering the XRP Community with New Opportunities
iTrustCapital is happy to participate in the crypto community and have clients who support XRP, as well as the many other cryptocurrencies available via the iTrustCapital platform.
We are proud to provide a platform that allows investors to make their own financial decisions and it is invigorating to see strong communities, like XRP, engage within our industry.
Want to learn more about XRP and the benefits of an IRA?
Click the links below!
Looking to add XRP to your portfolio? Click here to open an account today!
This article is for information purposes only. It does not constitute investment advice in any way. It does not constitute an offer to sell or a solicitation of an offer to buy or sell any cryptocurrency or security or to participate in any investment strategy.
iTrustCapital is a cryptocurrency IRA software platform. It is not an exchange, funding portal, custodian, trust company, licensed broker, dealer, broker-dealer, investment advisor, investment manager, or adviser in the United States or elsewhere. iTrustCapital is not associated with and has no direct relationship with XRP. iTrustCapital is not affiliated with and does not endorse any particular cryptocurrency, precious metal, or investment strategy.
Cryptocurrencies are a speculative investment with risk of loss. Cryptocurrency is not legal tender backed by the United States government, nor is it subject to Federal Deposit Insurance Corporation (“FDIC”) insurance or protections. Clients do not receive a choice of custody partner. The self-directed purchase and sale of cryptocurrency through a cryptocurrency IRA have not been endorsed by the IRS or any regulatory agency. Historical performance is no guarantee of future results.
Some taxes and conditions may apply depending on the type of IRA account. Investors assume the risk of all purchase and sale decisions. iTrustCapital makes no guarantee or representation regarding investors’ ability to profit from any transaction or the tax implications of any transaction.
iTrustCapital makes no representation or warranty as to the accuracy or completeness of this information and shall not have any liability for any representations (expressed or implied) or omissions from the information contained herein. iTrustCapital disclaims any and all liability to any party for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising directly or indirectly from any use of this information, which is provided as is, without warranties. iTrustCapital does not provide legal, investment or tax advice. Consult a qualified legal, investment or tax professional before making any investment decision.
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