Various types of cryptocurrencies seem to be flooding the decentralized market. However, it is believed that people are not aware 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 enables transactions and currency exchange. Its goal is to simplify cross-border payments,” Idul Patel, co-founder and CEO of Mudrex, a cryptocurrency investment platform, told FE Blockchain.
Based on expert suggestions, Ripple’s XRP can increase the return on investment (ROI) of investors on their holdings. According to Simplilearn, an online education platform, XRP-based transactions are economical to process and can benefit small businesses in safe monetary procedures. The platform further mentioned that XRP can help bridge the gap between different currencies. However, the platform focused on how Ripple’s consensus structure is vulnerable compared to other cryptocurrency platforms. Reportedly, buying XRP has been found to be difficult in the US due to regulatory uncertainty.
“I believe that Ripple technology enables international money transfers, and the XRP Ledger has the ability to handle a large number of transactions. However, there have been regulatory concerns regarding XRP. If faced, said Rajagopal Menon, vice president of WazirX, a cryptocurrency exchange. Ripple Labs challenges, which may affect the value of XRP.
As of June 7, 2023 (12.36pm Indian Standard Time), XRP is $0.53 on the back of a 3.87% increase over the 24-hour period, according to Crypto.com, a cryptocurrency exchange. The exchange also reported that the market cap of XRP is close to $28 billion, with a circulating supply of approximately $52 billion.
In conclusion, market expectations indicate that Ripple’s current legal proceedings with the US Securities and Exchange Commission (SEC), a government oversight agency, will determine the future of the platform. As stated by Changelly, the cryptocurrency exchange, XRP price could see a decline of 6.11%. For 2023, the average price of XRP should reach $0.659, with a maximum and minimum price of $0.739 and $0.639 respectively.
“Ripple is a torchbearer for the digital currency industry not only because of its utility in the field of international remittances but also because of its legal battle with the SEC. The outcome of the lawsuit should be what will determine the future of Ripple,” concluded Kumar Gaurav, Founder and CEO of Cashaa, a banking platform.
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