Hi, welcome back to make money online and like and subscribe. Don’t forget to turn on the notification button. So today we’ll be looking at the price of XRP and the circumstances surrounding it.
So Ripple is a decentralized crypto-like no other, and thus it’s not so surprising what unusual things happen in its administration. The queen has long been a unique type of crypto, though decentralized.
It functions to be the activities of both centralized applications and decentralized, decentralized applications as well. How? Well, the crypto is an integral part of a whole system that handles complex payment actions between financial institutions from one part of the world to the other.
And this cross-border platform is a working platform by Ripple Labs who deploys the cryptocurrency in handling those transactions in a faster and cheaper way. And this is another issue that is not available like any other cross-border transaction facilitating platform, including sweat the bank system, which are technically the one being put to use by most banks across the world, as well as high finance platforms such as MoneyGram, et cetera.
Now the company set its sights on the opportunity afforded it by the daily execution of international monetary transactions of some of the world’s biggest banks. And those include the central banks, the microfinance banks, as well as other payment platforms which are used for remittances.
So for example, prices greatest peak so far is up there at three points eighty-three dollars, which it attained early back in 2018. Now, it’s not reached 50 per cent of that price, with a price only hitting as high as point seven of a dollar in the aftermath of the covid-19 lockdown restrictions and that are also saw Bitcoin and a host of other all coins rally. XRP didn’t join that rally until later in the year.
It was still a pretty good time to see the critter rise. And the price surged towards point five in November before hitting as high as point seven dollars. Now, this was before the SEC bore down on the activities of XRP as multiple forebodings and warnings were criticized in the crypto and providing depressing information to suggest how the coin could survive the fall now its subsequent fall when it did come back.
Many people nodding their heads, saying, I told you so. Now, these comments were proven to be hearsay when the price soared just last week to point three, three of the dollar. Now, this was unexpected as it was majorly a rush of people dumping the crypto and exchanges in the coin as a result.
Now, the worst possible thing that can happen to crypto was deemed to be a total exclusion by the crypto exchanges. Now, you need to know this fact that the lawsuit single-handedly dealt damage to the crypto price trend as it did. There was a pretty long wait to see which exchanges would then delisted crypto and which ones would choose to stick with it.
Now, it wasn’t long before two smaller exchanges dropped the buck on XRP price while Coinbase made a declaration about how they would handle the crypto in a bid to stay on the safe side pending the result of the lawsuit. Now, they then later delisted it while leaving its holders the grace, at least to sell off the holdings of the crypto.
Now Greyscale, a major investor in millions of XRP, also happened to drop the crypto, whilst a host of other exchanges then followed suit. Now a unique position has now developed because of this for the crypto, as it is bound to become more difficult to buy. And this is a potential reason for the coin to rise.
It’s basic economics. And of course, in economics, scarcity is known to be the biggest factor that makes currency valuable. Now, while Bitcoin was pretty easy to mine, its price was never truly anything to write home about.
The more difficult it became to gain bitcoins, the higher, of course, its price, and it shows a high demand for crypto. Now, this could happen to XRP. Also, even while these lawsuits ongoing crypto exchanges such as GetUp have resigned to fate, yet claiming the crypto still has a huge window of opportunity to rise above the current struggles.
Now, the UK based Cryptocurrency Gateway Service has decided to continue listing XRP. The gay hub will not delist XRP unless a decision from the US Securities and Exchange Commission makes it necessary to do so. Now it advises that Gay Limited will continue listing XRP until the SEC’s complaint against RIPPLE has reached a final decision.
Entering the XRP is properly classified as a security or until receiving a cease and desist notice from the now. They have said that the decision to keep XRP on its platform follows some careful review of the SEC’s complaint against RIPPLE, which claimed that the firm sold XRP as unlicensed security.
Now Jacob expressed optimism about the future of the XRP, claiming that the company is confident the XRP is not a security. So the. Doesn’t believe XRP is a security under the prevailing way test, as it’s called in the US and an example primarily as a utility token whose value is based on its use in payments and foreign exchange now.
Nor have we personally witnessed any improper market conduct by RIPPLE Labs or its senior officers, and that’s pretty significant. The firm went on to say that the ripple should be subject to appropriate enforcement actions if US authorities prove that RIPPLE and related executives have defrauded investors.
But that is a far cry from an action brought by the SEC classifying XRP as a security gate upset, emphasising that this action potentially has catastrophic consequences for investors who themselves did nothing wrong. So in a publication, the UK Treasury considers XRP an exchange token rather than security which further cement its position in other countries crypto industries as against the measures being taken against it in the US.
So currently the crypto market is posing a recovery here at press time after the slump that we’ve had over the last two days. And that slump saw Bitcoin retreat from an all-time high of forty-one thousand nine hundred sixty-two dollars.
Wow. To near the 30000 level mark. Now, Bitcoin has recovered just over four percent in the last 24 hours, leading to 36000, 280, and with the market dominance of 68 and a half percent. Now eternal, the world’s second-largest crypto is up to four points to nine percent.
And that’s at the just over 1001 140 dollar mark. Yet the one stealing the show among the cap cryptos is, you guessed it, XRP, which is trading above the crucial point, three of of a dollar mark. Now, XRP has added just over 10 percent in the last 24 hours and just over 31 per cent over the last seven days.
And this surge comes as RIPPLE Labs Inc., the Silicon Valley company behind XRP. They announced that former Amazon and vice president VP of Delivery Experience Deborah Vadum have joined the payments network as a senior VP of engineering.
Big news. So just as the Internet was the driving force behind many of today’s leading companies, Blockin has the potential to fundamentally change our current financial system and bring billions of people into the financial ecosystem and, of course, accelerate financial inclusion globally.
And then the comments passed by the former employee of Amazon following the decision to join RIPPLE. Interesting news. So the recent XRP price rally is predominantly carried by the Asian exchanges where finance and that’s led by processing over thirty-two point seven percent of the traded volume, worth nearly 337 million dollars.
That’s a third of a trillion dollars. Abigroup on a third of a billion dollars, followed by BTC with fourteen points seven percent worth 145 million and B eleven and a half percent worth one hundred and seventy dollars million.
Now the fourth largest crypto recorded over one billion dollars in trading volume in the last 24 hours. Wow. Now, most of the US-based exchanges will hold takes up trading by January the fifteenth. However, exchanges outside the US don’t seem to be much bothered about the lawsuit and have extended support to Ripple and Xabi.
Now, many exchanges even saw XRP taking the top spot in terms of daily traded volume above Bitcoin, which is currently selling at a premium on many exchanges. Now, South Korea is one of the key markets for Apple and so XRP is fairly popular owing to top remittance services such as S.B 1000 via Bali being replaced partners.
This is the key reason behind high XRP trading volumes on the Korean exchanges, even at a time when many over in the US believe the XRP price would crash into oblivion.
Now the company said that all of the banks can use Ripple’s XRP lady the example for issuing stable coins. Now, as RIPPLE said, Bill for payments example can also be used to support the issuance of stable coins with a unique, fungible token functionality called issued currencies. Now issued currencies are designed to be the ideal stable coin platform, providing simple but rich management functionality for the issuer.
That makes it easy to create the issue and of course manage any asset, including stable coins. Now, recent predictions show the stabilizing pattern of XRP pricing the charts. And here, as you can see in these charts now, XRP USD is in a situation where it marginally shows some reversal signs from the heady, bearish downside volatility.
Now, in this case, XRP USD has developed some interesting formations that can determine the. Movements in the structure when the right price actions show up here. Therefore, it’s from high importance that exp USD confirms to it. And when this happens with the example of the US completing this potential bull flag, it will indicate the testing of remaining resistance.
Resistance is higher in the structure, firstly determined within point three when examples USD reaches out these levels. And at that point, it has to be elevated. How it moves on further from there. And if they can be an immediate continuation or firstly a reversal, visiting lower levels, which is not unlikely here.
So this chart reflects the short term optimism surrounding the XRP price, as is expected to break the resistance at its current price levels and surge high towards the point 341. So the point 355 range. Now, investors who brought the coin at its previous low range of points 22 to point twenty-four have benefited from its current consolidation here at the point three marks.
Now it’s advisable to hold out on the coin for future breaks on a potential surging run towards much higher levels, as indicated here on this chart. And this is quite realistic. So this chart shows the potential, for example, to hit the resistance level at the point for 2.5 and in the coming days, assuming Bitcoin pumps.
Now, analysts still expect to see a pullback in examplar at some point in the coming weeks to 10 days due to a major pullback over there of Bitcoin. But it might just be speculative. Now, a wild ride is ahead of us and potential for a swing trade potential effects.
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