In recent days investors are now trooping into the fourth most valuable crypto at an alarming rate.
At the time of writing, XRP traded at $0.257563 with a 24-hour trading volume of $1,669,200,118. XRP price is up 9.9% in 7 days. It has a circulating supply of 45 billion coins and a max supply of 100 billion coins.
READ: Banks’ stakeholders express 4 main concerns bothering the sector right now
Although like the other cryptos, XRP has a long way to go to make it back up to its early 2018 highs. What’s interesting in the metric stated above is the increase in buying volume that shows high buying pressures.
The fast-moving crypto has been fighting to stay above $0. 25 in the last few days. It does show that the sellers have built a resistance around that price level.
READ: Ripple Whale transfers 20,000,000 XRP to Binance
What you should know: Ripple owners of XRP is a privately-held fintech company that provides a global payment solution via its patented payment network called Ripple Network (also known as RippleNet).
- XRP is the digital token that has a circulating supply of 45 billion coins and a max supply of 100 billion coins.
- XRP still remains the only crypto gaining traction among global banks as Japan-based Mitsubishi UFJ Financial Group, with assets of more than USD 2.8 trillion, announced in November 2018 that, in cooperation with Ripple, it would provide an international money transfer service on the payment corridor from Japan to Brazil
- Other leading global banks using Ripple include Europe’s banking giant, HSBC Holdings Plc, with assets of about $2.5 trillion, which disclosed in 2019 that it would use the XRP payment solution.
Explore Data on the Nairametrics Research Website
Why it seems Ripple has a future
Economic historian, HSBC Holdings Plc, recently explained that cryptos should not just be considered for speculative reasons, as leading crypto assets have shown characteristics of being tangible assets. He said:
“I don’t think that thinking about crypto as speculative investments is really a long-term viable business model. Speculative investments have come and gone throughout history. Tulips came as a speculative investment and they went. [Digital assets] that provide actual tangible services like cross-border payments are the ones that are likely to have legs.”
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