Crypto trading and investment are popular ways to make a profit online. The cryptocurrency market offers hundreds of investment options. The coin ranking shows the most traded cryptocurrencies, such as Bitcoin, Ethereum, Tether and XRP. What makes these cryptocurrencies stand out from the crowd? It’s all about price, daily trading volume and market cap. Let’s look at what influences the price of cryptocurrencies:
- The balance between supply and demand
- Investor sentiment
- Market trends (bearish or bullish)
- Events of a global scope, crisis, inflation, etc.
- The world’s economy
- Financial regulators.
Although governments do not influence crypto asset prices, some crypto projects are still affected. One example is Ripple.
How Does Ripple Price Depend on Regulators?
XRP is the native crypto of the Ripple network. The cryptocurrency Ripple XRP Price is around 0.4 (October 2022), and it does not change much during sharp market trends. Why is the Ripple XRP price so low, and what affects it?
The Ripple network is intended as a versatile payment system for use by financial institutions. Ripple allows speedy monetary transactions anywhere in the world at a meagre cost. The network has attracted a number of large partnerships, including US financial institutions that already use the Ripple network (totalling over 200 companies).
However, the company has been sued by the SEC and legal issues are ongoing for many years. That is the main reason why the Ripple XRP price does not grow, and the project cannot disclose its full potential. The current XRP Ripple price is $0.45.
XRP Price Prediction
Crypto experts have concluded that the price of XRP could rise to USD 0.640 by the end of 2022 and reach USD 0.819 by the end of 2023. However, things could improve for Ripple if the company settles its court case with the SEC. Analysts believe that once the court case is closed, Ripple will be able to develop and expand its application scope, even surpassing such popular money-transfer systems as Swift. The fact is that transactions in the Ripple network are much cheaper than those of traditional bank services and do not include any middlemen. It used to be the main problem of cross-border bank transfers, and the solution is offended by Ripple. We will wait and see what happens with this promising crypto platform in the future.