Ripple Trade: What You Need To KnowDecember 8, 2022
Ripple is a blockchain project operating in the financial sector, banks, and businesses. Ripple offers a speedy, secure and cheap payment system that competes with the popular SWIFT platform for cross-border money transfers. However, Ripple has a big advantage in high speed and low cost of cross-border transfers, having no intermediaries and working based on blockchain technology. Ripple tokens are not mined. Transactions in the network are confirmed through validation work.
Ripple partnered with around 200 real sector financial establishments that already use the XRP token and blockchain to facilitate their business settlements. XRP Is listed on all popular crypto platforms, such as Binance, Coinbase, and WhiteBIT. Let’s talk about the Ripple trade and what you should know about it.
What is XRP Price?
Like any crypto asset, XRP value is formed based on the demand and supply as well as the market trend and external events in the world. For example, in 2022, the entire crypto market dropped, and the Ripple XRP cryptocurrency price is no exception.
The price of XRP does not show sharp growth in the last few years. The reason is legal proceedings with the SEC concerning the XRP token, which is required to be called a security. The case slows down the Ripple project development, so the price stays around the same level as well.
What should we consider when trading XRP:
- Track the market trend
- Always adhere to your trading strategy
- Learn to control emotions
- Don’t forget about take-profit and stop-loss tools
- Track the news
- Monitor the news about legal proceedings with the SEC.
XRP remains one of the top assets in the crypto market despite its difficulties. Many investors hold this token long term, for they believe the project will resolve the troubles with the SEC and finally receive widespread adoption. Then the XRP price will grow. The Ripple price now is $0.36 in late November 2022.
You can buy Ripple on any large crypto platform, for example, WhiteBIT.