The cryptocurrency market push more than $1 trillion comes as XRP, the digital token created by the company Ripple and the fourth largest cryptocurrency by value, added a staggering thirty% over the last 24 hours.
About Ripple (XRP)
RippleX makes it simple for entrepreneurs and developers to get rid of the pain and friction that comes with integrating blockchain technologies into the applications of theirs. Through tools, services and programs built on the XRP Ledger, RippleX enables developers and their users to send and receive payments across any currency, geography and network.
There are some things though that affect the price of XRP , for example liquidity, intraday volume, and whether it is bought or perhaps sold during the week. All of these factors will affect the price tag you are able to expect to generate from trading in XRP.
Ripple In the News
Several of the latest Ripple news today 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 important aspect of cryptocurrency trading is determining the direction of the current trend and how investors are actually feeling about it. Sentiment refers to the overall 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 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 used the Peruvian and mexican situations to enter the highly volatile Cryptocurrency markets, but the foundation required to support a significant long position is not present.
While the bull market in cryptocurrencies will go on 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.