The value of the combined cryptocurrency market has surged to more than one 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 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 actually built upon a distributed open source protocol, and supports tokens representing fiat currency, commodities, cryptocurrency, as well as other units of value such as frequent flier miles or even mobile minutes.
Why don’t we check out several of the factors that influence XRP and the way you are able to make use of those factors to get the best bargain. XRP is a favorite of crypto traders, perhaps since it offers low cost and reliable liquidity.
Ripple In the News
Some of probably the latest news about Ripple items of interest include unemployment figures, housing starts, new home sales, auto dealer reports, and mortgage applications.
One of the things that affect the price of XRP is actually the general sentiment of the community towards it. An important aspect of cryptocurrency trading is actually determining the direction of the current trend and how investors are feeling about it. Sentiment refers to the general attitude of the individuals toward something which can either bring bad or good news. And with cryptos, sentiment can range from wildly optimistic to very pessimistic.
Ripple has publicly decried the SEC charges and has an initial hearing scheduled for later next month.
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.”
Nonetheless, some cryptocurrencies do not have strong fundamentals and therefore need extra support to survive. Also some national currencies including those from emerging economies like the Mexico and Peru, which are experiencing weak demand from wealthy investors. The governments in these countries are actually attempting to support the currencies by creating exchanges or perhaps futures markets to provide liquidity and allow for secure trading.
The key to the strength and market sentiment of Ripple ecosystem is the presence of a reliable foundation. Without such a foundation, investors are likely to be attracted to strong currencies that have lower costs, greater liquidity and faster growth. Nonetheless, this sort of investment is going to require an investor that has a clear idea of how the protocol will function in the future and just how they want to handle their funds.