XRP became one of the most trending
cryptocurrencies
Cryptocurrencies
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities.
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities.
Read this Term on social media in the past 7 days after the digital asset saw an enormous rise of approximately 50% within one week. With retail frenzy gaining momentum, large investors are asking one question, is the rally sustainable?
To find the answer, we have to take a look at a wide range of indicators. The first thing is the network activity of XRP. Secondly, the developments in Ripple vs SEC case. Last, but definitely not least, is the adoption of XRP in the global financial ecosystem.
Most of the time, retail investors are only interested in the price trends of a cryptocurrency and its buzz across the industry. In the case of XRP, one such example is the Reddit frenzy at the start of 2021. XRP Pump discussions took over the social media and online platforms in February 2021 and the digital asset spiked by more than 300% within a few weeks.
However, long-term investors are more interested in the network activity of a cryptocurrency to gauge its fundamentals. Daily active addresses, an important indicator of XRP’s network activity, increased sharply in the last few weeks, indicating that more holders are interacting on its network. Additionally, there were some positive developments in the Ripple vs SEC case which supported the bullish XRP sentiment. Ripple’s quarterly XRP Markets report pointed out a sharp surge in the adoption of XRPL and RippleNet.
So, coming back to the question, is it possible for XRP to sustain the recent bullish momentum? Analysts believe it is, but the final outcome of the Ripple vs SEC case will have a major impact on XRP’s price.
Optimism
According to Daniele Casamassima, Chief Executive Officer at Pure Fintech, optimism regarding the latest developments in Ripple vs SEC case is driving the price jump.
“The price of XRP reached $0.90, making it one of the best performers in the past week with a growth of almost 50%. The payments token regained a market cap of $40 billion, moving above Cardano’s ADA and Solana’s SOL. The recent price surge is mainly due to the possible outcome of its lawsuit against the US Securities and
Exchange
Exchange
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading.
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading.
Read this Term Commission. Traders anticipated that the currently sealed legal documents would show that the crypto company got legal advice from an outside law firm which concluded that XRP were not securities,” Casamassima said.
“Some analysts say those developments suggest the case is coming to an end, which could cause further appreciation in XRP’s price. Others, however, say XRP could lose favor among investors because newer payments tokens now exist in the market. Ripple published the quarterly XRP Markets Report for Q4 2021 to voluntarily provide transparency and regular updates on the company’s views on the state of crypto markets such as quarterly XRP sales and relevant XRP-related announcements,” he added.
XRP’s Energy-Efficient Nature
Farah Mourad, a Senior Market Analyst at XTB MENA, said that XRP has a strong presence in the global payment network due to its nature as an energy-efficient cryptocurrency.
“XRP continues its rise, while its developer, Ripple, remains in an ongoing investigation by the Securities and Exchange Commission. Investigations should be adding pressure on prices, one might wonder, and investors hate uncertainty more than anything, right? Well, it’s a bit more complicated than that. The positive attitude towards the project isn’t new, if we look at RippleNet blockchain technology for global payments during 2021, we can easily identify it as the most profitable year – part of it, of course, benefited from skyrocketing global momentum, yet a larger part was based on Ripple Labs continuous expansion in terms of partnerships,” she commented.
“What should be more important for investors, is the long-term aspect of the project; the technology, venture capital, efficacy, and actual utility. XRP token provides a strong global payment network while being one of the top energy-efficient cryptocurrencies (with 0.0079 KWh per transaction) and with XLS-20 on NFT-Devnet, the token could benefit greatly. Daily price fluctuations are nothing more than noises. But a judgment leaning in Ripple’s favor would bring more stability and maturity to the token. We still believe it’s the most probable scenario,” Farah said.
Key Drivers
In the opinion of Maria Stankevich, the Chief Business Development Officer at EXMO UK, Ripple vs SEC case development is not the only reason behind XRP’s price jump.
“Although some analysts say that the value of Ripple (XRP) soared by 30% in a day because of the message of lawyers about a significant approach to the resolution of the company’s litigation with the American regulator. Attorneys say the federal judge in charge, Analysis Torrents, issued two court orders last Thursday that brings the trial into its final stages. But I think that another, more banal event led to a sharp jump in the value of Ripple. A considerable number of exchanges announced a SOLO airdrop for all XRP holders just before the price jump,” she highlighted.
“All XRP holders received Sologenic (SOLO) project tokens for free. So, we saw a surge in active addresses in the cryptocurrency network, which began in mid-January. Such data was provided by the analytical company Santiment. According to analysts, activity on the XRP network is currently at an all-time high, which was last seen in November 2021. By the way, the snapshots of the Ripple holders, which determined the right to receive SOLO, were made back in December 2021, causing a six-fold increase in the token rate, after which it returned to its original rate, losing all profits,” EXMO UK’s Chief Business Development Officer added.
XRP became one of the most trending
cryptocurrencies
Cryptocurrencies
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities.
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities.
Read this Term on social media in the past 7 days after the digital asset saw an enormous rise of approximately 50% within one week. With retail frenzy gaining momentum, large investors are asking one question, is the rally sustainable?
To find the answer, we have to take a look at a wide range of indicators. The first thing is the network activity of XRP. Secondly, the developments in Ripple vs SEC case. Last, but definitely not least, is the adoption of XRP in the global financial ecosystem.
Most of the time, retail investors are only interested in the price trends of a cryptocurrency and its buzz across the industry. In the case of XRP, one such example is the Reddit frenzy at the start of 2021. XRP Pump discussions took over the social media and online platforms in February 2021 and the digital asset spiked by more than 300% within a few weeks.
However, long-term investors are more interested in the network activity of a cryptocurrency to gauge its fundamentals. Daily active addresses, an important indicator of XRP’s network activity, increased sharply in the last few weeks, indicating that more holders are interacting on its network. Additionally, there were some positive developments in the Ripple vs SEC case which supported the bullish XRP sentiment. Ripple’s quarterly XRP Markets report pointed out a sharp surge in the adoption of XRPL and RippleNet.
So, coming back to the question, is it possible for XRP to sustain the recent bullish momentum? Analysts believe it is, but the final outcome of the Ripple vs SEC case will have a major impact on XRP’s price.
Optimism
According to Daniele Casamassima, Chief Executive Officer at Pure Fintech, optimism regarding the latest developments in Ripple vs SEC case is driving the price jump.
“The price of XRP reached $0.90, making it one of the best performers in the past week with a growth of almost 50%. The payments token regained a market cap of $40 billion, moving above Cardano’s ADA and Solana’s SOL. The recent price surge is mainly due to the possible outcome of its lawsuit against the US Securities and
Exchange
Exchange
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading.
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading.
Read this Term Commission. Traders anticipated that the currently sealed legal documents would show that the crypto company got legal advice from an outside law firm which concluded that XRP were not securities,” Casamassima said.
“Some analysts say those developments suggest the case is coming to an end, which could cause further appreciation in XRP’s price. Others, however, say XRP could lose favor among investors because newer payments tokens now exist in the market. Ripple published the quarterly XRP Markets Report for Q4 2021 to voluntarily provide transparency and regular updates on the company’s views on the state of crypto markets such as quarterly XRP sales and relevant XRP-related announcements,” he added.
XRP’s Energy-Efficient Nature
Farah Mourad, a Senior Market Analyst at XTB MENA, said that XRP has a strong presence in the global payment network due to its nature as an energy-efficient cryptocurrency.
“XRP continues its rise, while its developer, Ripple, remains in an ongoing investigation by the Securities and Exchange Commission. Investigations should be adding pressure on prices, one might wonder, and investors hate uncertainty more than anything, right? Well, it’s a bit more complicated than that. The positive attitude towards the project isn’t new, if we look at RippleNet blockchain technology for global payments during 2021, we can easily identify it as the most profitable year – part of it, of course, benefited from skyrocketing global momentum, yet a larger part was based on Ripple Labs continuous expansion in terms of partnerships,” she commented.
“What should be more important for investors, is the long-term aspect of the project; the technology, venture capital, efficacy, and actual utility. XRP token provides a strong global payment network while being one of the top energy-efficient cryptocurrencies (with 0.0079 KWh per transaction) and with XLS-20 on NFT-Devnet, the token could benefit greatly. Daily price fluctuations are nothing more than noises. But a judgment leaning in Ripple’s favor would bring more stability and maturity to the token. We still believe it’s the most probable scenario,” Farah said.
Key Drivers
In the opinion of Maria Stankevich, the Chief Business Development Officer at EXMO UK, Ripple vs SEC case development is not the only reason behind XRP’s price jump.
“Although some analysts say that the value of Ripple (XRP) soared by 30% in a day because of the message of lawyers about a significant approach to the resolution of the company’s litigation with the American regulator. Attorneys say the federal judge in charge, Analysis Torrents, issued two court orders last Thursday that brings the trial into its final stages. But I think that another, more banal event led to a sharp jump in the value of Ripple. A considerable number of exchanges announced a SOLO airdrop for all XRP holders just before the price jump,” she highlighted.
“All XRP holders received Sologenic (SOLO) project tokens for free. So, we saw a surge in active addresses in the cryptocurrency network, which began in mid-January. Such data was provided by the analytical company Santiment. According to analysts, activity on the XRP network is currently at an all-time high, which was last seen in November 2021. By the way, the snapshots of the Ripple holders, which determined the right to receive SOLO, were made back in December 2021, causing a six-fold increase in the token rate, after which it returned to its original rate, losing all profits,” EXMO UK’s Chief Business Development Officer added.
Source: https://www.financemagnates.com/cryptocurrency/xrp-is-the-latest-rally-sustainable/