Ripple Bulls on Track for XRP Price Recovery
Ripple (XRP) bulls have been steadily gathering steam over the past few weeks and are now ready to kickstart a new run and price recovery. XRP’s price has managed to climb 15% over the past month and 400% over this past year, outperforming other assets in its class and even outpacing Bitcoin. So – why Ripple and why now?
First, the surge in price is potentially linked to increased confidence in Ripple’s focus on an often overlooked issue in the crypto space: cross-border payment transfers. Ripple’s protocols provide secure, cheap, and quick cross-border transactions – roughly 2 seconds in total. In the larger digital ape here of data transaction this may seem normal, however, Ripple is the leader by far when comparing Ethereum’s 12-second and Bitcoin’s 10-minutes processes. In addition, Ripple also has some of the lowest transaction fees in the market (each transaction costs the equivalent of around $0.01 in XRP) and minimal commissions collected across exchanges – whether you’re exchanging XRP into dollars or gold, the flat fee is the same across the board.
During this period Ripple also announced an exciting NFT project as of recent, riding the wave on this successful digital asset. Changes in the price of XRP were in tandem with larger cryptocurrencies like BTC and ETH that are also trading in the green after very successful launches of ETFs including the first Bitcoin Exchange Traded Fund (ETF).
Back in May, XRP experienced a price rally which took it to its ATH of $1.94 after it registered a win against the SEC when they successfully managed to stop the SEC from gaining access to Ripple’s legal memos concerning the sale of XRP in its 2013 ICO. Despite its SEC woes, Ripple has shown no signs of slowing down. For more on Ripple’s court battle with the SEC, watch the video below or read this explainer.
Across “The Pond”, Ripple announces a partnership NGO named the Digital Pound Foundation which has staked their claim as being on the forefront of crypto solutions in the U.K. by developing a digital equivalent of a British pound.
Speaking on the matter, Digital Pound Foundation head of policy Susan Friedman said, “We are excited to support the design and implementation of a digital Pound in partnership with the Digital Pound Foundation…[which will] will help advance the UK’s goal to build a more inclusive and sustainable financial system”.
The Bank of England (BoE) had previously stated that they were actively working on launching a digital pound, with the governor of the central bank calling it a “fundamental innovation in the history of central banking”.
It is important to note that this small but mighty coin now accounts for nearly 2% of the overall market cap of cryptocurrencies — standing at $50 billion itself. At the time of publishing, XRP was exchanging hands at $1.13 — a far cry from the $0.22 price tag is held in January of 2021.
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