Ripple’s digital token XRP is presently under pressure amid selling pressure seen lately across the crypto market spectrum.
At the time of writing, XRP traded at $0.565884. XRP is down by 10.12% in the last 24 hours. It still remains the third most valuable crypto with a market value of $25.7 billion. It has a circulating supply of 45,334,295,892 XRP coins and a maximum supply of 100,000,000,000 XRP coins.
Over the past two weeks, crypto traders have pushed XRP prices lower by more than 20%. The volume of Ripple traded in the last 24 hours was about $10 billion. Nairametrics suggests that such moves are prevailing now as investors cash in on some of their gains after the crypto gained more than 170% in November alone.
What you should know
XRP was designed by Ripple mainly to perform speedy, less costly, and more scalable alternative transactions for both crypto assets and existing monetary payment platforms like SWIFT.
- Ripple owns more than half of the total supply of XRP. In late 2017, the company vowed not to sell all of its tokens (XRP) at once, keeping up to 55 billion XRP in protected escrow accounts.
- Ripple (XRP) plays a dual role as a payment platform and a currency. The platform is an open-source platform that is created to allow quick and cheap transactions.
Meanwhile, Ripple’s CTO has reaffirmed that the company can be forced by an overwhelming number of market participants to upgrade its processes, regardless of if it agrees with the decision or not, hinting at its strong democratic principles and responding to critics who accused it of often manipulating the process in regards to the liquidity and pricing of XRP. He said:
“There would be nothing Ripple could do to stop that from happening. Public blockchains are very democratic. If the majority wants rules to change, there is nothing the minority can do to stop them.”
Yes. There would be nothing Ripple could do to stop that from happening. Public blockchains are very democratic. If the majority wants a rules change, there is nothing the minority can do to stop them.
— David Schwartz (@JoelKatz) December 2, 2020