What Everyone Should Know About The XRP Price For 2021
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 allows for developers and entrepreneurs to remove the pain and friction that comes with integrating blockchain technologies into their applications. Through tools, services and programs built on the XRP Ledger, RippleX enables developers and the users of theirs to send and receive payments across any currency, geography and network.
You will find a few things though that affect the price of XRP such as liquidity, intraday volume, and whether it is bought or perhaps sold during the week. All these factors will affect the price tag you are able to expect to generate from trading in XRP.
Ripple In the News
Several of probably the latest Ripple news today items of interest include unemployment figures, housing starts, new home sales, auto dealer reports, and mortgage applications.
One of the things that affect the price of XRP is the general sentiment of the community towards it. An essential aspect of cryptocurrency trading is determining the direction of the current trend and how investors are actually feeling about it. Sentiment refers to the general attitude of the individuals toward something which can either bring bad or good news. And with cryptos, sentiment can range from wildly optimistic to very pessimistic.
Several exchanges delisted or even halted trading of XRP after the lawsuit was revealed.
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 is still bullish at this point and the prices should begin to reverse. This is called the “flip”.
The SEC is taking the stance that Ripple engaged in this illegal securities offering from 2013 to the present, even though Ripple received legal advice as early as 2012 that under certain circumstances XRP could be considered an “investment contract” and therefore a security under the federal securities laws.
While the bull market in cryptocurrencies will continue 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.