Can Cryptocurrency XRP (Ripple) Reach $3 Again?
This has already been a roller coaster year for investors. After hovering at or near historic highs in February, the iconic Dow Jones Industrial Average and S&P 500 indexes both plunged more than 16% by early April before rebounding more than 13% in a month. The whiplash was even more severe for the tech-heavy Nasdaq Composite, which dropped 23% and then gained 25% over the same period.
Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue »
Crypto markets followed suit. Bitcoin reached an all-time high in January before plunging nearly 30%, only to recover, rising nearly 50% and setting a new all-time high of more than $111,000 as of May 23.
At the same time, the crypto token XRP (CRYPTO: XRP) began the year at its highest point since 2018 before plummeting nearly 50%. Although it has recovered somewhat, unlike Bitcoin and many other cryptos, XRP is still far from its recent peak, currently hovering at about $2.40. So will Bitcoin's momentum spill over to XRP? Can XRP top $3 once again?
XRP is legit
The cryptocurrency market is full of projects ranging from frivolous to outright fraudulent. While the Bitcoins and Ethereums of the world are legitimate digital assets with real-world use cases, track records of security, and widespread adoption, there is a swath of meme coins that exist as purely speculative instruments, attracting those looking to get rich quickly.
XRP definitely falls into the former camp. The token, which was created by the company Ripple Labs, is designed to make transactions between financial institutions -- especially transactions that cross borders -- faster and cheaper.
A network that uses stablecoins avoids this rather large threat. It's why many banks, as well as governments around the world, are looking to create stablecoins of their own.
The path to $3.00
#BitcoinDunyamiz #BinanceSquareTalks #BinanceSquareFamily #NewsAboutCrypto
