So today we’ll be looking at the price of XRP and the circumstances surrounding it. So Ripple is a decentralized crypto like no other, and thus it’s not so surprising what unusual things happen in its administration. It functions to be the activities of both centralized applications and decentralized applications as well.
How? Well, the crypto is an integral part of a whole system that handles complex payment actions between financial institutions from one part of the world to the other. And this cross-border platform is a working platform by Ripple Labs who deploy the cryptocurrency in handling those transactions in a faster and much cheaper way. And this is another issue that is not available like any other cross-border transaction facilitating platform, including sweat the bank system, which is technically the one being put to use by most banks across the world, as well as high finance platforms such as MoneyGram, etc.
Now the company set its sights on the opportunity afforded it by the daily execution of international monetary transactions of some of the world’s biggest banks and those include the central banks, the microfinance banks, as well as other payment platforms which are used for remittances. So example, prices greatest peak so far is up there at three point eighty three dollars, which it attained early back in 2018. Now, it’s not reached 50 per cent of that price, with a price only hitting as high as .5 of a Pound in the aftermath of the covid-19 lock down restrictions and that are also saw Bitcoin and a host of other all coins rally. XRP didn’t join that rally until later in the year. It was still a pretty good time to see the critter rise. The price surged November 2020 before hitting it’s ATH.
Now, this was before the SEC bore down on the activities of XRP as multiple forebodings and warnings were criticized in the crypto and providing depressing information to suggest how the coin could survive the fall now its subsequent fall when it did come
back. Many people nodding their heads, saying, I told you so. Now, these comments were proven to be hearsay when the price soared just last week again. This was unexpected as it was majorly a rush of people dumping the crypto and exchanges in the coin as a result.
The worst possible thing that can happen to a crypto was deemed to be a total exclusion by the crypto exchanges.
You need to know this fact that the lawsuit single handedley dealt damage to the crypto price trend as it did.
There was a pretty long wait to see which exchanges would then delisted crypto and which ones would choose to stick with it.
Now, it wasn’t long before two smaller exchanges dropped the buck on XRP price while Coinbase made a declaration about how they would handle the crypto in a bid to stay on the safe side pending the result of the lawsuit. (since have delisted the trading of XRP on their online exchange platform). Leaving its holders the grace, at least to sell off the holdings of the crypto.
Greyscale, a major investor in millions of XRP, also happened to drop the crypto, whilst a host of other exchanges then followed suit. A unique position has now developed because of this for the crypto, as it is bound to become more difficult to buy and this is a potential reason for the coin to rise dramatically. It’s basic economics. Of course, in economics, scarcity is known to be the biggest factor that makes
currency valuable. While Bitcoin was pretty easy to mine, its price was never truly anything to write home about. The more difficult it became to gain bitcoins, the higher, of course, its price, and it shows a high demand for crypto. This could happen to XRP. Also, even while this lawsuits ongoing crypto exchanges such as GetUp have resigned to fate, yet claiming the crypto still has a huge window of opportunity to rise above the current struggles. The UK based Cryptocurrency Gateway Service has decided to continue listing XRP.
A number of exchanges and platforms will not delist XRP unless a decision from the US Securities and Exchange Commission makes it necessary to do so. Entering the XRP is properly classified as a security or until receive a cease and desist notice from the now.
Some exchanges have said that the decision to keep XRP on their platforms follows some careful review of the SEC’s complaint against RIPPLE, which claimed that the firm sold XRP as unlicensed security. I certainly expressed optimism about the future of XRP, claiming that the company is confident the XRP is not a security.
We at Cryptovimto haven’t personally witnessed any improper market conduct by RIPPLE Labs or its senior officers, and that’s pretty significant. Some firms went on to say that RIPPLE should be subject to appropriate enforcement actions if US authorities prove that RIPPLE and related executives have defrauded investors. But that is a far cry from an action brought by the SEC classifying XRP as a security
gate upset, emphasising that this action potentially has catastrophic consequences for investors who themselves did nothing wrong. So in a publication, the UK Treasury considers considers XRP an exchange token rather than a security which further cements its position in other countries crypto industries as against the measures being taken against it in the US.
Currently the crypto market is posing a recovery here at press time after the slump that we’ve had over the last few weeks. And that slump saw Bitcoin retreat from an all time high.
XRP has added just over 10% in the last 24 hours and just over 31%
over the last seven days. This surge comes as RIPPLE Labs Inc, the Silicon Valley company behind XRP. They announced that former Amazon and vice president VP of Delivery Experience Deborah Vadum has joined the payments network as a senior VP of engineering.
This is big news. So just as the Internet was the driving force behind many of today’s leading companies, Blockchain has the potential to fundamentally change our current financial system and bring billions of people into the financial ecosystem and, of course, accelerate
financial inclusion globally. Then the comments passed by the former employee of Amazon following the decision to join RIPPLE. Interesting news I tell you. The recent XRP price rally is predominantly carried by the Asian exchanges where finance and that’s led by processing over 32.7% of the traded volume, worth nearly 330 million Pounds.
Exchanges outside the US don’t seem to be much bothered about the lawsuit and have extended support to Ripple and XRP. Many exchanges even saw XRP taking the top spot in terms of daily traded volume above Bitcoin, which is currently selling at a premium on many exchanges. South Korea is one of the key markets for Apple, and so XRP is fairly popular owing to top remittance services.
This is the key reason behind high XRP trading volumes on the Korean exchanges, even at a time when many over in the US believe the XRP price would crash into oblivion. The company said that all of the banks can use Ripple’s XRP as an example for issuing stable coins. As RIPPLE said, Bill for as a payments example, can also be used to support the issuance of stable coins with a unique, fungible token functionality called issued currencies. Issued currencies is designed to be the ideal stable coin platform, providing simple but rich management functionality for the issuer. That makes it easy to create, issue and of course manage any asset, including stable
coins with recent predictions show the stabilizing pattern of XRP pricing the charts.
At this moment in time XRP is in a situation where it marginally shows some reversal signs from the heady, bearish downside volatility.
Now, in this case, XRP USD has developed some interesting formations that can determine the movements in the structure when the right price actions show.
Investors who brought the coin at its previous low range have benefited from its current consolidation since things have calmed down and the SEC news is getting outdated. Currently it’s advisable to hold out on the coin for future breaks on a potential surging run towards much higher levels it could reach.
While a wild ride is ahead of us and potential for a swing trade potential effects a lot of us XRP remains to be a favourite amongst many.