Many blockchains in the crypto space compete with each other to gain supremacy, but Ripple’s purpose is much higher than this. Ripple intends to offer a smooth yet secure cross border payment network, more efficient and reliable than the traditional SEGWIT system. Unlike SEGWIT, middlemen get eliminated with minimum fees to bear.
XRP, the native token of Ripple, is used for this purpose to make the transfer process smooth and safe. These are pre-mined and hence remain distinct from any heavy transaction fees or gas fees. The asset began the 2021 trade with a gigantic rally, but before reaching its destination around ATH, crashed miserably. Since then the Ripple coin price gathering huge bullish momentum, yet the Ripple vs SEC case appears to be acting like a barrier to the bull run
Ripple(XRP) Fundamental Analysis
Ripple is a peer-to-peer decentralized platform and the main purpose is to provide a trusted and reliable intermediary mechanism of exchange using blockchain technology. The exchange may be between the networks or also in between two currencies. Ripple’s transactions are confirmed using a consensus mechanism that uses the bank-owned servers.
Did You Know: Ripple transactions are more energy-efficient, faster and cost-effective than Bitcoin
The working of the Ripple network is a little complex but considered by numerous organisations for cross-border payments. The network uses a medium known as Gateway which is nothing but a link between the two parties within the trust chain who wish to make a transaction. This gateway acts as an intermediary platform that allows any business or individual to register and open their gateway. The participants are required to just maintain liquidity and transfer the funds over the network. The native token XRP is used in transferring the payments over the network.
Will Ripple Price Hit $3 in 2021?
XRP Ripple price witnessed a gigantic rally within a very stipulated time frame way back in 2017. No doubt the asset yet again attempted to undergo a similar trend, yet failed to do so and remained very much distinct from its ATH, amid the 2021 bull run. Moreover, the May crash has thrashed the plot of achieving levels above $3 by the end of 2021.
Additionally, multiple setbacks did contribute to the narrow trend of the asset and hence achieving the yearly highs could also appear pretty tough for the asset by EOY. Yet the asset is ranching very slowly towards the immediate resistance without making a quick jump. Therefore, minimising the chance of an extreme drain, the asset may regain positions above $1.
Ripple Price INR today is 62.39 which is consolidating within narrow regions since the beginning of December 2021. However $3 appears to be very difficult, yet the XRP price could surely attempt to test the yearly highs close to $2 by the end of 2021.
Factors Affecting Ripple(XRP) Price Today
XRP remains delisted from most of the US-based cryptocurrency exchanges due to the SEC’s lawsuit. The ongoing case against Ripple accuses the company of illegally selling XRP as they quote XRP as securities. No sooner than the SEC filed a lawsuit in December 2020, many exchanges restricted the XRP trade and also delisted, which badly impacted the XRP price.
The asset initially was impacted with the updates of the lawsuit, yet lately, it just stopped reacting to any positive or negative news. This pointed out towards the diminishing interest of the traders on the asset which could be disastrous for the upcoming price trend. Yet many expect the lawsuit to end somewhere in 2022 and the judgement to be in favour of the company. Hence the Ripple crypto is believed to be in a better position then as the exchanges could also relist the asset followed by the judgement.
Considering the technicals, the RSI and MACD both have been extremely bearish for the past month. And therefore, a notable rebound could be expected any time this week. No doubt the Ripple cryptocurrency is facing a couple of rejections in an attempt to flip the bearish divergence, yet the bulls could take back control very soon.
Where to buy Ripple(XRP)
Ripple is a well-known token that resides firmly within the top 10 cryptocurrency assets from the beginning. And hence most of the exchanges do offer the XRP trade, except the exchanges under the United States jurisdiction. However, if you are wondering how to buy Ripple cryptocurrency in India, then CoinDCX may be the best option.
CoinDCX is India’s most trusted cryptocurrency platform which offers smooth trade at affordable rates. Moreover, the CoinDCX mobile app provides the best deals with a wide range of crypto assets at a single touch. Just download the mobile app and register yourself following a very few simple steps.
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