If we look at the rating of the most popular crypto assets, we can see XRP among the top 10 crypto assets. XRP is a native coin of the Ripple platform. The coin serves for converting different currencies and facilitating their transfers worldwide. The Ripple project’s essence is providing efficient and cheap cross-border money transfers. As of September 2022, the Ripple price is $0,4119. What affects the Ripple price? Let’s talk about it in this article.
What is so Special About Ripple?
Ripple technology has already received the admiration of large financial establishments in the world. Several major banks already use this network. And here are the reasons why they do it:
- Ripple enables lightning-fast cross-border transfers. Such a performance is what traditional banks envy.
- While traditional banks charge enormous fees for cross-border transfers, Ripple charges an insignificant percentage.
- The network ensures security for money transfers.
With all these advantages, Ripple can compete with the SWIFT system.
Why Does Ripple XRP Cryptocurrency Price Not Grow?
Looking at crypto charts, we can see that the cryptocurrency Ripple XRP price does not change much over time. The reason is the legal process with SEC that asks the Ripple company to recognise XRP Ripple as securities. The process lasts for several years, and hopefully, it will be solved in the near future.
Still, there is something that supports the XRP Ripple price. We can outline two factors. First is that the Ripple platform brings groundbreaking technology to the market. And we all know that highly technological projects that bring benefit to the real sector, connecting real-life businesses to the blockchain, are highly valued. It is a crucial factor that will cause the Ripple price to increase in the future.
The next factor is whales-investors, who have bought Ripple XRP cryptocurrency and hold it in the long term, being confident that the price will boost as soon as processes with SEC are over. The fact that some number of XRP Ripple coins are stored in investors’ wallets maintains the asset’s price at the same level.