Cryptocurrency Editor's Picks Ripple News

XRP is approaching $1, what is the reason for this rise?

XRP is approaching $1, what is the reason for this rise?

Recently, Ripple has been one of the most talked-about in the cryptocurrency world. A growing number of investors are holding Ripple’s token. As of today, Ripple is being used by big banks like Bank of America, American Express, and Santander to conduct their transactions on the Ripple network. In addition to the usage of XRP to fund Ripple network transactions, it can also be invested in exchange for other cryptocurrencies.

As an alternative to crypto leaders such as Bitcoin (BTC) and Ethereum (ETH), Ripple has a few unique features. Using unique node lists for implementing sets and maps, Ripple’s data is gathered and compared across servers in addition to using blockchain for consensus.

Technical Analysis

Last year, the price of Ripple went from $0.2 to $0.60, which is such a great one. However, it is vital to note that it got to about $1.57 around April last year before the retracement was experienced. Many critics are still scratching their heads, wondering how a cryptocurrency could increase by such an amount. Overall, XRP/USD is up, making it one of the best performing digital assets at the moment.

crypto market outlook

Crypto price watchers at the beginning of this year noticed a bearish market as the value of XRP moved from $0.8 to $0.5 early this year. However, the recovery started in early February with a bullish trend. The market is now very close to $1 at the moment. Many crypto assets, including XRP, saw their prices rise this week. The market value of crypto has also been increased to $3.3 trillion, which is particularly noteworthy.

Currently, XRP is traded at $0.84. It is also the sixth-most valuable crypto by market capitalization ($40.5 Billion). As long as the bulls maintain their momentum, investors can target the high at $1 very soon. A maximum supply of 100,000,000,000 XRP coins exists. 47,832,461,678 XRP coins are circulating.

However, it’s critical to note that cryptocurrencies’ prices fluctuate depending on many factors, and Ripple is no exception. Investor enthusiasm is affected by many factors, including the broader market sentiment.

 

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