The value of the combined cryptocurrency market has surged to more than $1 trillion as prices rise across the board. The surge over $1 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, currency exchange and remittance network created by Ripple Labs Inc., a US-based technology company. Released in 2012, Ripple is built upon a distributed open source protocol, and supports tokens representing fiat currency, cryptocurrency, commodities, and other units of value such as frequent flier miles or perhaps mobile minutes.
Let’s look at some of the factors that influence XRP and precisely how you are able to use those factors to get the best bargain. XRP is a favorite of crypto traders, perhaps because it offers reliable liquidity and low cost.
Ripple In the News
The Ripple XRP news aggregators are actually overflowing with stories as of late. Ripple is entwined with central banks and government commodity prices, international trade, stock markets, global economics, and central banks , government spending, and inflation.
Among the things that affect the cost of XRP is actually the general sentiment of the community towards it. An essential aspect of cryptocurrency trading is determining the direction of the current trend and how investors are actually feeling about it. Sentiment refers to the general attitude of the people toward something which can either bring good or bad 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 due to the “dangerous lack of regulatory clarity for crypto in the U.S.” The company blasted the lawsuit, saying it affected “countless innocent XRP retail holders with no connection to Ripple.”
Some cryptosporters have been using the mexican and Peruvian situations to enter the highly volatile Cryptocurrency markets, but the foundation required to support a major long position is not present.
While the bull market in cryptocurrencies will will begin to exist, Ripple market participants must be very careful to look beyond the short term price predictions and consider the long term potential of the currencies involved.