The value of the combined cryptocurrency market has surged to more than $1 trillion as prices rise across the board. The surge more than $1 trillion comes as smaller cryptocurrencies, including ethereum, Ripple‘s XRP, cardano and stellar, all make significant gains.
About Ripple (XRP)
RippleX makes it easy for entrepreneurs and developers 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.
The price 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 news about Ripple aggregators are actually overflowing with stories as of late. Ripple is entwined with government and central banks commodity prices, international trade, stock markets, global economics, and central banks , government spending, and inflation.
Among the things that affect the price of XRP is the overall sentiment of the community towards it. An important aspect of cryptocurrency trading is actually determining the direction of the current trend and how investors are actually feeling about it. Sentiment refers to the entire attitude of the folks toward something which can either bring good or bad news. And with cryptos, sentiment can range from wildly optimistic to very pessimistic.
Ripple tried to settle charges of conducting unregistered securities transactions with the U.S. Securities and Exchange Commission (SEC) before the federal regulator sued it in December, CEO Brad Garlinghouse said Wednesday. In a Twitter thread, Garlinghouse addressed what he described as five “key questions” about the SEC’s suit against Ripple, even thought he warned that he was limited in what he could say as the case is ongoing.
Longer term, the market sentiment towards Ripple may be bearish as investors start to be weary of its legal prospects. It might then be predicted that short sellers will emerge with their short positions, driving up the spread even further. The market sentiment is still bullish at this point and the prices should start to reverse. This’s known as the “flip”.
Some cryptosporters used the mexican and Peruvian situations to enter the highly volatile Cryptocurrency markets, but the foundation necessary to support a significant 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 actually indicative of the case’s seriousness. Buyer – and investor – beware.