Ripple Cryptocurrency: What is It and How Its Price Changed in 2022
Ripple is one of the top traded crypto asset in the Coinmarketcap ranking. Now its market capitalisation reaches $22,703,005,801, and trade volume during the last 24 hours is $1,351,963,718. Let’s talk about the ripple coin in more detail.
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Understanding Ripple XRP Cryptocurrency
The RipplePay protocol was created even before we first heard the word “Bitcoin”. That means the Ripple developers have been working at creating a cheap and fast money-transferring system much earlier than the first crypto emerged.
After some modifications, the Ripple company launched the XRP token in 2012 and has partnered with over 200 companies worldwide.
XRP token acts as a middle layer between other currencies for their efficient, cheap and fast transfers worldwide. That works similarly to a conventional bank system but much faster and cheaper.
Crypto exchanges all over the Internet offer a variety of pairs with Ripple. XRP USDT is the most traded option among others.
Some crucial things to know about XRP:
- Compared with the leading crypto asset BTC, Ripple enables much faster and cheaper money transfers to any point in the world.
- Ripple network is centralised, which means there is a central body governing the processes within the Ripple ecosystem.
- Financial establishments and banks use XRP to facilitate work and make transactions cheaper.
Regardless of the Ripple platform’s benefits, it has some problems. Some years ago, SEC sued Ripple company, asking them to confess the Ripple coin as a security. Those legal proceedings slow down the process of Ripple development, which is the main reason why the Ripple cryptocurrency does not show significant price chances, even amid different market trends.
How the XPR Token Price Change in 2022?
The Ripple crypto price at the beginning of 2022 was 0.84, then in February, it dropped to 0.61 and rose slightly in April (0.81). In September, the price got lower – 0.33, and in the middle of October, the rate was $0.45. Experts predict the Ripple crypto price will increase once the issues with SEC are solved and the project can develop and expand.
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