Ripple was founded in 2012 and was designed to complement the competitive cryptocurrencies and fiat currencies. Ripple began with a goal to ensure secure, instant, and close to free global financial transactions. Ripple has gained immense popularity over the years of its existence.
Being a product of Ripple Labs it has carved a name for itself for its innovative method of performing currency exchange and payment settlements. XRP is Ripple crypto and as of now, the platform boasts over hundreds of organizations as its customers all over its globe. They vouch for its hassle-free and rapid transactions untouched by any competitor.
Like conventional blockchain networks, Ripple is not decentralized. It has a strong network of validating servers and a ledger that secures the system. The best thing about Ripple is that its transactions are not limited to its cryptocurrency XRP. One can even transfer any commodity that includes gold through Ripple as long as the user is able to find a facilitator who can make these transactions possible.
Ripple’s XRP last week draw
Ripple’s XRP saw a major surge of 60.90% in the last week ending 22’nd November. Following on from a 6.29% rally from the previous week, Ripple’s XRP ended the week at $0.44669. Plainly speaking it was a bullish week because XRP rallied from a Monday intraweek low of $0.26767 to a Sunday intraweek high of $0.4980. Essentially Ripple’s XRP broke through the week’s prominent resistance levels. The bearish end to the week saw Ripple’s XRP get back to $0.40 levels before closing the week at $0.44 levels. The upside for the previous week was a jump of 39.95% on Saturday with five days in the green.
XRP has currently become the world’s third-largest cryptocurrency by market value after Bitcoin and Ethereum. It has soared in the last week adding around 150% to its price. Since the beginning of 2020, XRP price has almost risen four-fold alongside Bitcoin and other major cryptocurrencies in the wake of the pandemic. The great positive sentiments attached to XRP has broken out of a near-three year downward spiral trend though it remains far from its 2017 all-time high.
XRP’s latest rally comes after Ripple, which owns 60% of XRP tokens, said that it is taking advantage of a central bank rush to digitize currencies. The US federal last month announced that it is looking to digitize its currencies which carries the potential of opening the current cryptocurrencies to huge adoption. XRP cheered by gaining momentum on its activity on this news followed by the celebrations after US election results.
Three major factors adding to the price rally
Unique XRP addresses increased – The addresses interacting with XRP had surged in late November and it was further intensified when the cryptocurrency rose by a formidable 27% in one day on Nov 22.
Ripple Buybacks – Ripple bought $45.5 million worth of XRP in a repurchasing program which may not be very significant but has added to the positive sentiment.
Paystring – In early November, Ripple labs filed a trademark Paystring with the US patent and trademark office. It is a product basically for the exchange of remittances.
Also, the company is looking to hire a senior director to handle Central Bank engagements. Ripple’s chief executive Brad Garlinghouse said earlier this month that the central banks are expected to use the XRP ledger to issue stablecoins pegged to fiat currencies. He also said that XRP could act as a link connecting assets to exchange digital formats of fiat. Garlinghouse was quoted:
“Just using stable coins doesn’t really solve the problem that XRP is solving. XRP as an extremely efficient, extremely scalable blockchain, is ideally suitable for that.”
Added to these advantages, there is a clearer sky with respect to the regulatory landscape in the US, and with Biden in the picture, things could be different.
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