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 30% over the last twenty four hours.
About Ripple (XRP)
RippleX allows for entrepreneurs and developers to eliminate 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.
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
The Ripple news today aggregators are actually overflowing with stories as of late. Ripple is actually entwined with government and central banks central banks, global economics, stock markets, international trade and commodity prices , government spending, and inflation.
Among the things that affect the cost 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 feeling about it. Sentiment refers to the overall attitude of the men and women toward something which can either bring good or bad news. And with cryptos, sentiment is able to 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 because 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 mexican and Peruvian situations to enter the highly volatile Cryptocurrency markets, but the foundation necessary to support a serious long position is not present.
Given Ripple’s prominent business relationships and XRP’s market capitalization, the SEC’s case could have far-reaching implications. A flurry of moves by players in the crypto ecosystem since last week is indicative of the case’s seriousness. Buyer – and investor – beware.