Different types of cryptocurrencies seem to be flooding the decentralized market. However, it is believed that people are unaware of what Ripple is all about. According to market reports, Ripple is a decentralized platform that allows cryptocurrency-based transactions and has its own cryptocurrency called XRP.
“I think Ripple is a payment protocol designed for international money transfers. It is believed to operate on a decentralized network that allows transactions and currency exchanges. Their goal is to streamline cross-border payments,” Edul Patel, co-founder and CEO of Mudrex, a crypto investment platform, told FE Blockchain.
According to experts' suggestions, Ripple's XRP can increase the return on investment (ROI) for investors in its holdings. According to Simplilearn, an online learning platform, XRP-based transactions are cheap to process and can benefit small businesses for secure monetary procedures. The platform further mentioned that Ripple can help bridge the gap between different currencies. However, the platform emphasized how Ripple's consensus structure is susceptible to vulnerabilities compared to other cryptocurrency systems. Buying XRP has reportedly been found to be difficult in the United States due to regulatory uncertainties.
“I think Ripple's technology enables international money transfers and the XRP Ledger has the capacity to handle a large number of transactions. However, there have been regulatory concerns surrounding XRP. If Ripple Labs faces challenges, it could affect the value of XRP,” said Rajagopal Menon, vice president of WazirX, a cryptocurrency exchange.
As of June 7, 2023 (12:36 PM Indian Standard Time), the value of XRP stood at $0.53 thanks to a 3.87% rise over a 24-hour period, according to Crypto. .com, a cryptocurrency exchange. The exchange also mentioned that XRP's market capitalization is approaching $28 billion, with a circulating supply worth nearly $52 billion.
To conclude, market predictions indicate that Ripple's current legal proceedings with the United States Securities and Exchange Commission (SEC), a government oversight agency, will determine the future of the platform. As stated by Changelly, a cryptocurrency exchange, the XRP price may witness a 6.11% drop. By 2023, the average price of XRP should reach $0.659, with high and low prices of $0.739 and $0.639, respectively.
“Ripple is considered a standard-bearer for the crypto industry not only because of its utility in the international remittance space, but also because of its legal battle with the SEC. The outcome of the lawsuit should be what will define the future of Ripple,” concluded Kumar Gaurav, founder and CEO of Cashaa, a banking platform.
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