Different kinds of cryptocurrencies seem to be flooding the decentralised market. Yet, people are believed to be unaware of what the Ripple is all about. Going by market reports, Ripple is a decentralised platform which permits cryptocurrency-based transactions, and has its own cryptocurrency called XRP.
“I believe Ripple is a payment protocol designed for international money transfers. It is believed to operate on a decentralised network that enables transactions and currency exchanges. Its goal is to streamline cross-border payments,” Edul Patel, co-founder and CEO, Mudrex, a crypto-investing platform, told FE Blockchain.
Based on experts’ suggestions, Ripple’s XRP can increase return on investment (ROI) for investors on their holdings. According to Simplilearn, an online learning platform, XRP-based transactions are economical to process and can benefit small businesses for secure monetary proceedings. The platform further mentioned that Ripple can help bridge the gap among different currencies. However, the platform laid emphasis on how Ripple’s consensus structure is susceptible to vulnerabilities in comparison to other cryptocurrency systems. Reportedly, it’s been found that XRP purchase is difficult in United States over regulatory uncertainties.
“I think Ripple’s technology enables international money transfers, and XRP Ledger has capacity to handle a large number of transactions. However, there have been regulatory concerns surrounding XRP. If Ripple Labs faces challenges, it could impact value of XRP,” Rajagopal Menon, vice-president, WazirX, a cryptocurrency exchange, said.
As of June 7, 2023 (12.36 pm, Indian Standard Time), XRP’s value stood at $0.53 on the back of a 3.87% increase over a 24 hour period, as per Crypto.com, a cryptocurrency exchange. The exchange also mentioned that XRP’s market capitalisation stands close to $28 billion, with a circulating supply worth nearly 52 billion.
To conclude, market predictions indicate that Ripple’s current legal proceedings with United States Securities and Exchange Commission (SEC), a government oversight agency, will determine the platform’s future. As stated by Changelly, a cryptocurrency exchange, XRP price can witness a 6.11% fall. For 2023, XRP’s average price should reach $0.659, at maximum and minimum prices worth $0.739 and $0.639, respectively.
“Ripple is considered a torchbearer for crypto industry not only due to its utility in the international remittance space but also due to its legal battle with SEC. The outcome of the lawsuit should be what will define the future of Ripple,” Kumar Gaurav, founder and CEO, Cashaa, a banking platform, concluded.
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