Heres Why the Ripple XRP Price is Pumping and Will Take Out $1 00

29 Jan Heres Why the Ripple XRP Price is Pumping and Will Take Out $1 00

Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. According to data from Messari, XRP now has by far the highest rate of inflation of any large-cap cryptocurrency, at 20.5% per year. There is 20.5% more XRP circulating now compared to this time last year. For comparison, Tezos is the only other cryptocurrency with an inflation rate above 10% (currently 13.1%); all other large-cap coins have an inflation rate somewhere between 2.6% (EOS) and 5.1% (LTC). Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at

• If you still view the positive traits of this cryptocurrency in a favorable light, especially when considering the high uncertainty, then it makes sense to add a tiny position.
• In fact, you’ve probably used this company’s technology in the past few days, even if you’ve never had an account or even heard of the company before.
• At the same time, XRP’s 30-day moving average (red) has turned upwards and looks set to overtake its 200-day average (blue).
• At the time of writing, one XRP coin is worth around $0.6834, according to CoinMarketCap.
• The strength of the crypto market is growing each day and the coronavirus pandemic has only solidified the shift towards digital assets.
• Keep in mind that it’s a high-risk investment, even compared to other cryptocurrencies.
• It could even reach $1 by the summer, before closing 2024 near to $2 or $3, depending on the market’s mood.

Post-listing, the XRP price went up from $0.47 to $0.82 in just a matter of a few hours. That last issue with XRP means that if you’re interested in buying any, the first step is finding an exchange that sells it. Among the major crypto exchanges, Coinmama and KuCoin are two that offer XRP. Since XRP is Ripple’s cryptocurrency, buying XRP is a way of investing in Ripple. Just like you can buy Ether if you believe in Ethereum, you can do the same with XRP and Ripple. The information on this website is for educational purposes only, and investing carries risks.

Will XRP Bounce Back?

Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. Sign up today for Stock Advisor and get access to our why is xrp price so low exclusive report where you can get the full scoop on this company and its upside as a long-term investment. Learn more and get started today with a special new member discount.

Finally, if the price of the XRP token continues to rise, it will be unfeasible to use Ripple for international money transfers. Unless there is a massive burn campaign, XRP will never be worth $1000. Due to the high levels of competition and regulation in the remittance business, XRP is not expected to achieve these heights. Although Ripple provides a competitive service, it will likely https://www.tokenexus.com/what-is-bitcoin-cash-and-how-does-it-work/ be imitated by LARGE competitors rather rapidly if laws are clear. The Securities and Exchange Commision (SEC) filed charges against XRP in 2020 for failing to register its security features, which might lead to catastrophic losses for all token holders. The lawsuit centred on the challenges that could arise for Ripple if they were to lose the case, including substantial financial fines.

Bitcoin Cash

If XRP is going to soar in value, three key things need to happen. The Relative Strength Index (RSI), a momentum oscillator, reads 40.50, down from 41.29 on Wednesday. As RSI dips and moves away from the neutral level, there is room for a correction in XRP price.

International money transfers between banks can be slow, expensive, and difficult to even set up. Ripple solves those problems, and it has already secured hundreds of partnerships, including many with major financial institutions. There’s also a large company behind Ripple that’s focused on promoting it and moving it forward. You could invest in XRP if you believe Ripple has potential and that it’s likely to reach a favorable outcome in its SEC lawsuit.

Here’s Why the Ripple XRP Price is Pumping and Will Take Out $1.00

After BlackRock filed for a Bitcoin spot ETF on June 15, the interest surrounding crypto ETFs has been renewed. Grayscale – whose application for a Bitcoin spot ETF was initially rejected by the SEC – got a victory in court, forcing the US regulator to review its proposal again. The SEC’s loss in this lawsuit has fueled hopes that a Bitcoin spot ETF might be approved by the end of the year. Although Ripple does need to fund its business developments somehow, the practice is maligned by many in the XRP community, who feel that Ripple is willfully suppressing the market with its sales. According to Ripple escrow wallet tracker XRPArcade, Ripple unlocked a total of 5 billion XRP so far in 2020—equivalent to five percent of the total supply. But, it’s still not clear exactly how much of this made its way onto third-party exchanges.

• Following the win on 13th July 2023, exchanges listed XRP for trading on their portals.
• Users can trade futures using USDT or cryptos like BTC, ETH, and Ripple (XRP).
• You could invest in XRP if you believe Ripple has potential and that it’s likely to reach a favorable outcome in its SEC lawsuit.
• And in Ripple’s case, regulatory concerns could remain an issue, particularly as legislators ruled that the institutional sale of XRP tokens was a violation of securities laws.
• It has also said that the SEC didn’t provide it with proper notice that selling XRP would be considered a securities offering.

Finally, there has been increased buzz and speculation about a potential IPO for Ripple. When Ripple hosted its “SEC victory party” in New York at the end of September, this only fed the hype machine about an upcoming IPO. Some analysts said that Ripple could be the next Coinbase Global (COIN 7.12%), in terms of a high-profile crypto company going public. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. Bitcoin spot ETF has been approved outside the US, but the SEC is yet to approve one in the country.

Ripple operates at lightning speed, with transactions completing in seconds. The typical transaction is also incredibly cheap, costing fractions of a penny. Of the tens of thousands of different cryptocurrencies out there, I suspect that most of them serve no purpose. The dog-inspired tokens, like Dogecoin and Shiba Inu, immediately come to mind.