The value of the combined cryptocurrency market has surged to more than $1 trillion as prices rise across the board. The surge more than $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 actually built upon a distributed open source protocol, and supports tokens representing fiat currency, cryptocurrency, commodities, as well as other units of value such as frequent flier miles or even mobile minutes.
Let us take a look at some of the factors that influence XRP and precisely how you can work with those factors to get the best bargain. XRP is actually a favorite of crypto traders, perhaps because it offers reliable liquidity and low cost.
Ripple In the News
In addition to this, many useful articles on Ripple news events and undertakings can be found in the news section also. The present price quotes for many other cryptocurrencies could also be found here.
One of the things that affect the price of XRP is the overall 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 folks 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.
Longer term, the market sentiment towards Ripple may be bearish as investors start to be weary of its legal prospects. It may then be predicted that short sellers will emerge with the short positions of theirs, driving up the spread even further. The market sentiment remains bullish at the prices and this point should begin to reverse. This is known as the “flip”.
Some cryptosporters have been using the mexican and Peruvian situations to enter the highly volatile Cryptocurrency markets, but the foundation needed to support a significant long position is not present.
The key to market sentiment together with the strength of Ripple ecosystem is the presence of a strong foundation. Without such a foundation, investors are likely to be attracted to strong currencies that have lower costs, greater liquidity and faster growth. But, this type of investment is going to require an investor who has a specific idea of how the protocol will function in the future and exactly how they want to handle their funds.