You probably noticed Ripple on the top crypto rankings many times. It is a top-rated crypto platform that brings many benefits to the modern financial system. The Ripple platform enables lightning-fast transactions worldwide with low fees and no intermediaries. That’s a great advantage for financial systems that are slowly becoming outdated.
The Ripple developers aim to replace old systems like SWIFT, bringing a new, advanced, and convenient system for banks and other financial establishments.
The native token on Ripple is XRP, the platform runs on its own blockchain where participants make transactions through smart contracts, which is the most reliable and safe method to transfer funds between parties, and the main is – decentralisation. The current Ripple price is $0.3449 (as of late July 2022). Let’s see what impacts the cryptocurrency ripple price.
Ripple XRP Price
Today’s Ripple coin price shows a downtrend the same as the entire market. The highest XRP price was fixed at $3 in Jan 2018.
The asset’s rate does not boost because the total number of tokens is really huge – 100 billion.
Looking at the market capitalisation of XRP, we can see it looks impressive – $16 billion, which means people trust Ripple and expect its development and wide adoption.
What affects the cryptocurrency Ripple price:
- First, it is the technology that underlies the Ripple platform. The strongest factor is the project’s mission and the benefits it may bring to the world. The Ripple use cases are numerous, and many large companies already use the RippleNet technology for fast transactions worldwide. Such financial operations are carried out not in the XRP, but the token acts as an intermediary asset. Still, it impacts the Ripple price.
- Holders. Those people who have bought XRP and hold tokens in the long term also support the Ripple price level. There are many exchanges where XRP tokens are stored, which also impacts the Ripple price.
- South Korea. The country has officially added this crypto asset to its everyday use, and in such a way, the government affects the XRP rate. It means that the state may impact the regulations concerning the use of the token, which will impact its rate largely. For example, the anti-money-laundering regulation will make all the XRP holders comply with the rules; otherwise, they will be blocked.
The Ripple technology is becoming adopted worldwide, with many companies already using this fast and cheap way of funds transferring. Since the Ripple platform is evolving and the developers do not stand still, the XRP token has all chances to grow in the future.