Currently, XRP Ripple is trading at $1.09 which is 2.15% higher in the last 24 hours.
Day Low: $ 1.05 Day High: $1.09
XRP Price Prediction and Forecast: Will SEC ends its Charade on Crypto?
For years the crypto market has been subjected to increasing scrutiny of the US SEC. The most affected one is XRP. The lack of clarity from the regulators about what should be allowed and should not be allowed and why has affected XRP a lot. Recently the U.S. Securities and Exchange Commission (SEC) has refused to produce documentation regarding its “trading preclearance decisions” for XRP. Ripple had filed a motion to understand SEC’s trading policies around trading digital assets and whether the regulator allowed its employees to trade XRP. However, SEC refused Ripple’s request which sent panic in the market and thereby led to strong selling.
When the lawsuit came in December 2020 against Ripple, $15 billion worth of Ripple was wiped off from the market. Due to this lawsuit, XRP is yet to be listed by Coinbase. However, it is still not clear when SEC will make an open announcement instead of having a backdoor discussion.
Ripple XRP News Today Update! SEC Files Objection
XRP Price Prediction and Forecast: XRP overtakes Solana
Recently when the Crypto market saw a boom, Solana overtook XRP and became the 6th largest cryptocurrency in terms of market cap. However, in the last 3 days, Solana lost over 20% in market cap and the total Market Cap of Solana went below $47B.
XRP on the other hand has remained steady and has been trading above $1.05. It has been noticed that in the last few days, the quantity of XRP traded has risen. This has helped increase the market cap of XRP close to $50B. Currently, XRP represents around 2% of the total crypto market which is around $2 trillion.
The next challenge for XRP would be to overtake Binance Coin which is the 5th largest cryptocurrency in terms of market cap.
XRP Price Prediction and Forecast: Is Coinbase Relisting XRP?
On the 9th of September, Coinbase Pro Exchange starting showing XRP trading pairs (XRP/BTC, XRP/USD, XRP/GBP, and XRP/EUR. Coinbase had previously removed XRP for trading on its platform due to the ongoing legal battle between XRP and Securities & Exchange Commission (SEC).
Due to this the price of XRP rose almost 13% but Coinbase denied the relisting rumors. After the clarification, the price of XRP again fell by 10%.
Coinbase through its Twitter handle wrote, “As previously announced, Coinbase has suspended trading in XRP. Due to a technical issue, XRP was temporarily viewable on the Coinbase Pro mobile app for some customers but was not tradeable.”
Ripple XRP | DANGER AHEAD BUT YOU WILL BE SHOCKED!!
XRP Price Prediction and Forecast: Technicals for 10th September
XRP Price Prediction and Forecast: Why did the price of XRP plunge?
In the last 24 hours prices of altcoins like Cardano, Dogecoin, XRP have plunged. XRP has lost more than 15% in the last 24 hours. It is noteworthy that XRP has been the most vulnerable coin to any disruption in the crypto market. The maker’s Ripple Lab is already facing a lawsuit with the Securities and Exchange Commission. Moreover, the certain downward slide in the price of XRP created a panic among the investors who preferred selling off rather than holding it.
Added to it, the U.S. Securities and Exchange Commission (SEC) has refused to produce documentation regarding its “trading preclearance decisions” for XRP. On August 27th, Ripple did file a motion to understand SEC’s trading policies around trading digital assets and whether the regulator allowed its employees to trade XRP. However, SEC refused Ripple’s request which sent panic in the market and thereby led to strong selling.
Not only this, U.K.’s Financial Conduct Authority warned that celebrities like Kardashian have been putting the investors but luring them to invest in the altcoins. As a result, a panic was created among the investors which directly affected the price of altcoins like XRP.
XRP Price Prediction and Forecast: What is XRP?
XRP is a cryptocurrency developed by Ripple Labs. Ripple Labs offers services related to payment settlement, asset exchange, and remittance systems. It was essentially designed to be a replacement for SWIFT, a leading money transfer network. In 2012 after Ripple became an open coin, it launched its cryptocurrency, XRP. The purpose of XRP was to serve as an intermediate mechanism of exchange between two currencies or networks.
XRP Price Prediction and Forecast: Difference between XRP and Bitcoin?
- XRP is easy to mine or are pre-mined and its is much cheaper and faster to in terms of transaction. Bitcoin on the other hand uses a complicated system of mining. The mining cost and time taken to mine is higher and it may sometimes take many minutes for transaction to complete.
- The supply of bitcoin is limited and it depends upon the miners when they release the coin in market whereas for XRP, Ripple plans the realease of coins in the market. A small contract is used to release XRP in market.
- Transaction validation of XRP is done by Ripple network which uses unique distributed consensus mechanism to validate transactions. Bitcoin transaction validation requires huge energy requirement which is not good for the climate.
XRP Price Prediction and Forecast: Price Prediction for December 2021
Price Prediction for December 2021
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XRP Price Prediction and Forecast: Market Cap and Circulation
The current fully diluted market cap of XRP is $112,010,097,005 while the market cap of XRP as of today, 8th September 2021 is $51.8 billion.
The total circulation of XRP is 46.54B as of now.
XRP Price Prediction and Forecast: Latest News