The value of the combined cryptocurrency market has surged to over one trillion as prices rise across the board. The surge over 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, currency exchange and remittance network created by Ripple Labs Inc., an US based technology company. Released in 2012, Ripple is actually built upon a distributed open source protocol, and supports tokens representing fiat currency, cryptocurrency, commodities, or other units of value such as frequent flier miles or perhaps mobile minutes.
Let us look at some of the factors that influence XRP and precisely how you are able to make use of those factors to get the best deal. XRP is a favorite of crypto traders, perhaps since it offers reliable liquidity and low cost.
Ripple In the News
Several of the latest news about Ripple 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 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 overall attitude of the individuals toward something which can either bring good or bad news. And with cryptos, sentiment is able to 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 as a result 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.”
Some cryptosporters have used the mexican and Peruvian situations to enter the highly volatile Cryptocurrency markets, but the foundation required to support a serious long position is not present.
While the bull market in cryptocurrencies will continue 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.