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Ripple (XRP.X) comeback: a bull case
Ripple (XRP.X) recently bounced from its 3-month low and is attracting speculators’ interest again. For the latest news and price about Ripple, visit Finstead and type “Ripple news” or “Ripple price”.
What do you need to know about Ripple?
Ripple is a blockchain solution with a promise to transform the banking system. It is a RTGS (real-time gross settlement) system, currency exchange and remittance network designed by the Ripple Company.
Many renowned banks and payment providers are the clients of the company. Ripple aims at enhancing the efficiency of cross-border payments for its clients who make transactions worth billions every day.
Ripple hit an all-time high of $3.30 in January but it reached a low of 47 cents on April 6th. Since then Ripple's price has almost doubled.
Why has Ripple surged recently? Here are the top three reasons:
- Several channels reported that Binance, a crypto exchange, would allow its users to purchase altcoins using US dollars, which might have contributed to Ripple’s gains. However, Binance denied that it had plans to allow fiat currency transactions.
- Expectations are high that XRP will be listed on one of the top crypto exchanges this year.
- The tax season in the US also may have contributed to Ripple’s surge. Many investors cashed out their cryptocurrencies to pay for their tax dues. Now that the tax season is over, speculators are back to taking positions in Ripple and other altcoins.
It’s important to note that the entire crypto market is up and the general sentiment is that we’re finally coming out of a bear market and entering a bull market.
However, be careful about investing in Ripple—cryptos are an unregulated market with an extreme volatility, so be prepared to lose all your money if you invest in cryptos.