Traders ask… What after the rise of Ripple (XRP)?
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Answer Traders ask… What after the rise of Ripple (XRP)?
The main event in the cryptocurrency market last week was the sharp rise of Ripple (XRP) to the second place in terms of market size, overtaking Ethereum.
This prompted many to wonder about the most important reasons for the sudden rise of Ripple (XRP) and will its price continue to rise? Here is a summary of the most important points about this event.
📌 The rise in the price of the Ripple currency (XRP) was not immediate, but continued to grow for 3 days in a row until it exceeded the levels of $ 0.7, which represents more than 140%. On September 21, the volume of Ripple (XRP) currency reached nearly $4.1 billion making it the most traded currency outperforming Bitcoin.Read:Founder of “NEO”: Blockchain Technology Will Thrive After Corona Virus
Some pointed out that the rise of Ripple (XRP) was the result of a number of positive events, namely:
1 – News of the launch of XRapid – and its ability to significantly reduce the costs of international payments.
2 – Announcing the joining of one of the largest US banks to the RippleNet network, PNC Bank – it is the ninth largest bank in the United States of America in terms of assets and has more than 8 million users.
3- Announcing the joining of one of the largest banks in the Middle East to the RippleNet network, which is the National Commercial Bank.
4 – The emergence of some rumors regarding the decision of the US Securities Commission (SEC) regarding Ripple and not recognizing it as a security.
5 – Hints about the inclusion of XRP on Coinbase.
📌 In the past few months, Ripple has announced many positive news about partnerships with banks from around the world until it has become one of the most popular currencies on social media. The CEO of the company believes that this reaction is normal because they have a real product, and he believes that it is the best in the world in terms of quality.Read:India will not allow trading of cryptocurrencies that lack government approval
📌 This rise led some to believe that Ripple will become the most important digital currency in the near future. But let’s not forget that Ripple still suffers from centralization, as one of the founders owns 17% of the total currencies, and the company itself controls 40%.Read:After rising by 5000% in 2020, the LEND cryptocurrency is preparing for a significant upgrade
📌 The most important question that must be asked at this time, was the rise in response to positive news only? Some believe that a 140% increase is a very high percentage in relation to the news that was presented, and why did you not react early?
📌 This may be a good time towards creating a new positive image around the Ripple currency (XRP), which makes many await more answers from the Ripple team about the primary role of the currency within the project, and distributing currencies to a larger number of shareholders or partners to implement decentralization within the project.
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