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)
Ripple is a real-time gross settlement system (RTGS) developed by the Ripple company. It’s also known as the Ripple Transaction Protocol (RTXP) or Ripple protocol. It can trace the roots of its to 2004 when a web developer called Ryan Fugger had the idea to create a monetary system that was decentralised and could effectively allow individuals to create the own money of theirs.
The price tag of Ripple’s XRP has been on a roller coaster over the last month after a late November surge was wiped out by a lawsuit brought by the U.S. Security and Exchange Commission against Ripple, casting doubt over XRP’s future.
Ripple In the News
Some of the latest current Ripple news 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 overall sentiment of the community towards it. A crucial 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.
Several exchanges delisted or halted trading of XRP after the lawsuit was revealed.
On Jan. 7, 2020, Stuart Alderoty, general counsel at Ripple Inc., pointed out that legal processes take time. Garlinghouse commented: “Things may seem quiet, but there is plenty happening behind the scenes. We’ll be filing our initial response within weeks.”
Some cryptosporters have been using the Peruvian and mexican situations to enter the highly volatile Cryptocurrency markets, but the foundation required to support a major long position is not present.
The key to market sentiment together with the strength of Ripple ecosystem is the existence of a strong foundation. Without such a foundation, investors are actually likely to be attracted to strong currencies that have lower costs, greater liquidity and faster growth. Nevertheless, this sort of investment will require an investor that has a specific idea of how the protocol will function in the future and exactly how they plan to handle their funds.