With the total market cap of all cryptocurrencies now exceeding $1 trillion, Ripple‘s price is also rising as it recovers from a Christmas week crash.
About Ripple (XRP)
Ripple is actually a real time gross settlement system (RTGS) developed by the Ripple company. It is also called the Ripple Transaction Protocol (RTXP) or Ripple protocol. It can trace its roots to 2004 when a web developer called Ryan Fugger had the idea to make a monetary system that was decentralised and could effectively allow individuals to create the own money of theirs.
Let us take a look at several of the factors that influence XRP and just how you can work with those factors to get the best deal. XRP is a favorite of crypto traders, perhaps because it offers low cost and reliable liquidity.
Ripple In the News
Several of the latest Ripple coin news items of interest include unemployment figures, housing starts, new home sales, auto dealer reports, and mortgage applications.
Among the things that affect the price of XRP is 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 feeling about it. Sentiment refers to the entire attitude of the folks toward something which can either bring good or bad news. And with cryptos, sentiment can range from wildly optimistic to very pessimistic.
Ripple tried to settle charges of conducting unregistered securities transactions with the U.S. Securities and Exchange Commission (SEC) before the federal regulator sued it in December, CEO Brad Garlinghouse said Wednesday. In a Twitter thread, Garlinghouse addressed what he described as 5 “key questions” about the SEC’s suit against Ripple, nonetheless, he warned that he was limited in what he could say as the situation is ongoing.
On Jan. seven, 2020, Stuart Alderoty, general counsel at Ripple Inc., pointed out that legal processes take time. Garlinghouse commented: “Things may seem quiet, but there’s plenty happening behind the scenes. We’ll be filing our initial response within weeks.”
But, some cryptocurrencies do not have strong fundamentals and therefore need extra support to survive. Even some national currencies including those from emerging economies like the Peru and Mexico, which are actually experiencing weak demand from wealthy investors. The governments in these countries are actually attempting to support the currencies by creating exchanges or futures markets to provide liquidity and allow for secure trading.
While the bull market in cryptocurrencies will will begin 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.