The value of the combined cryptocurrency market has surged to more than $1 trillion as prices rise across the board. The surge more than one trillion comes as smaller cryptocurrencies, including ethereum, Ripple‘s XRP, cardano and stellar, all make significant gains.
About Ripple (XRP)
Ripple is actually a real-time gross settlement system (RTGS) developed by the Ripple company. It is also referred to as the Ripple Transaction Protocol (RTXP) or perhaps Ripple protocol. It can trace the roots of its to 2004 when a web developer called Ryan Fugger had the idea to create a monetary system that was decentralised and could effectively allow individuals to create the own money of theirs.
Let’s check out several of the factors that influence XRP and just how you can make use of those factors to get the best deal. XRP is a favorite of crypto traders, perhaps as it offers reliable liquidity and low cost.
Ripple In the News
Several of the latest Ripple news items of interest include unemployment figures, housing starts, new home sales, auto dealer reports, and mortgage applications.
Among the things that affect the cost of XRP is the general sentiment of the community towards it. An essential aspect of cryptocurrency trading is actually determining the direction of the current trend and how investors are feeling about it. Sentiment refers to the overall attitude of the people toward something which can either bring bad or good news. And with cryptos, sentiment is able to range from wildly optimistic to very pessimistic.
Several exchanges delisted or even halted trading of XRP after the lawsuit was revealed.
At the end of 2020, Ripple hit back at the SEC, accusing the agency of creating more uncertainty because of the “dangerous lack of regulatory clarity for crypto in the U.S.” The company blasted the lawsuit, saying that it affected “countless innocent XRP retail holders with no connection to Ripple.”
Nonetheless, some cryptocurrencies do not have strong fundamentals and therefore need further support to survive. Also some national currencies including those from emerging economies like the Mexico and Peru, which are actually experiencing weak demand from wealthy investors. The governments in these countries are attempting to support the currencies by creating exchanges or perhaps futures markets to provide liquidity and allow for secure trading.
While the bull market in cryptocurrencies will continue to exist, Ripple market participants must be careful to look beyond the short term price predictions and consider the long term potential of the currencies involved.