Ripple is an open-source protocol platform that enables fast and low-cost transfer of funds. XRP is the associated cryptocurrency used for executing transfers. It is not mined in the same way as Bitcoin and some other cryptocurrencies.
More and more institutions are now accepting Ripple as a method for payments. It has also gained the attention of banks and it is anticipated that it may dominate the future of international payments as it is more efficient than the existing SWIFT network.
The maximum number of tokens for XRP is set at 100 billion with approximately 40% of this number currently in circulation. The rest is owned by Ripple itself.
Transactions in XRP can be made in a couple of seconds, making it faster than Bitcoin and Ethereum.
XRP was developed to be used mostly by banks, as well as a money transfer system rather than as a payment currency, unlike Bitcoin which can be used in stores.
There are various general factors that affect the value of XRP, as well as some that are specific to the cryptocurrency itself.
XRP can be affected by the regulatory framework in different countries so traders should monitor potential signals which may indicate changes in cryptocurrency regulation.
Speculative trading can also put pressure on XRP’s value, while its supply and demand on the market can also create fluctuations in the price.
Ripple has been trying to build on its success in order to attract more customers to use the services. In addition, when larger financial institutions implement Ripple technology into their operations, this will positively impact on XRP’s value. Traders should therefore track all announcements that banks or other institutions make that involve the use of this technology.
The Euro (EUR) was officially introduced in 1999 and is the official currency of the 19 countries that form the European Monetary Union (EMU) and the European Union (EU). The Euro is currently the second most influential currency in the world accounting for around 21% of international foreign currency reserves held by central banks.
Any negative or positive changes in the EU economy or within the individual countries such as employment rates, and even political events, can impact on the EUR exchange rate. Traders should therefore closely track the monetary policy and follow the economic news release calendar.
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