XRP, the third-largest cryptocurrency by market cap, has hit $0.25, breaking through a major barrier of psychological resistance. But with Ripple’s founders dumping so much XRP into the markets, how long can the bull run last?
XRP’s rise accompanies the bullish passions that have ripped through the crypto market this month. ETH hit $344 today, its highest price since June 2019, and Bitcoin broke through to $11,000, its highest price since August 2019.
It took XRP traders a while to embrace the bullish sentiment, but the time spent waiting has bubbled up into momentum so strong that XRP hasn’t been this high since…late February 2020.
Though not smashing records broken by its rivals, $0.25 is significant for XRP. That price point is the barrier for the traders and speculators who form the XRP Army, the militant XRP fan club.
And the XRP market is a little different to other crypto markets. The San Francisco startup that’s responsible for its creation constantly dumps tokens into the market, causing an over-supply that pushes down the price of the token.
Bank can now hold cryptocurrencies, what does this mean for XRP?
Banks will soon be able to put forth custody services for cryptocurrencies and this is one catalyst for the cryptocurrency world.
XRP is based on remittance, sending money and receiving money. XRP works with traditional currencies and cryptocurrencies. The company also has many partnerships in place with names like:
- SBI Remit
In fact, this is just a small list, the likes of which you have never heard before. The company has partnered with over 300+ financial institutions.
Is XRP a good investment?
The fact that XRP may be Swift’s successor, might now be in line for bigger things like powering the new financial system. Aggressive investors, in turn, might want to consider opening a small position in this emerging cryptocurrency play.
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