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2019 is a Challenging Year for Ripple’s XRP

Jamie West by Jamie West
November 5, 2019
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XRP is the virtual token developed by cryptocurrency exchange, Ripple. It is considered as the third most famous cryptocurrency in the world.

XRP has a market capitalization of over $12.5 billion, and it ranks merely behind Bitcoin and Ethereum in terms of total market value.

XRP is viewed as a standout in the top six virtual currencies of CoinMarketCap.

It is because, besides the well-known stablecoin, Tether, it is the sole digital coin that is not based on a permission-less blockchain technology that leverages proof-of-work.

This reality about Ripple’s virtual token makes it possess an impressive accomplishment for a cryptocurrency that does not have miners.

Furthermore, XRP presents itself nearly exclusively as a settlement coin for the financial industry.

The entire 2019 appeared to be challenging for XRP, with cryptocurrency traders finding it difficult to bag gains.

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2019 was a challenging year for XRP traders as they found it difficult to bag gains.

Trading Performance of Ripple’s Token in the Second Quarter of 2019

During the second quarter of the year, XRP’s performance was similar to the other significant cryptocurrencies at the start.

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The XRP’s Trading Performance in the Second Quarter of 2019

The digital currency opened at $0.3105, and it nearly jumped to $0.3457 right away within one day.

After a short increase to $0.375, XRP spent the rest of April and the middle of May consolidating well in the south of $0.30.

Then, it presented strength, with its price surging to an impressive $0.45.

In June, the XRP market tread between $0.375 and $0.475, closing the second quarter rebounding, and even managing a brief increase to $0.50.

XRP concluded the second quarter of 2019 at approximately $0.40, but only to let go of the gains it made during the period’s second half.

How Ripple’s Cryptocurrency Fared in the Third Quarter of 2019

The third quarter of 2019 was bleak for Ripple’s cryptocurrency, just like the other virtual currencies in the market.

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XRP’s Trading Performance in 2019’s Third Quarter

XRP began the quarter at $0.40, yet eventually plummeting south of $0.27.

By the final week of the third quarter, XRP’s trading price swung from below $0.225 to a slight recovered figure of $0.25.

Positive and Negative Developments for Ripple’s Token

Aside from the dismal trading performance of XRP, other news regarding Ripple displayed a discouraging picture.

Ripple Labs formally requested the US Federal Court to dismiss a class-action lawsuit that accused the cryptocurrency entity of unlawfully selling unregistered securities.

Nevertheless, not every event for the year was unsightly for Ripple.

Xpring, the collaborative initiative of Ripple Labs, granted one billion XRP, or $250 million, to Coil Technologies, Incorporated, a micropayments company serving content providers.

The initiative will reportedly aid in fostering the adoption of the XRP. Furthermore, Ripple Labs acquired Algrim, a cryptocurrency trading company based in Iceland.

This development for Ripple is reportedly the most well-received news, as it marks the cryptocurrency exchange’s official expansion in the Nordic island nation.

Moreover, this feat led to the addition of six engineers to the team of Ripple, and they will be helping on the development of the cryptocurrency exchange’s liquidity offerings.

Finally, news circulated recently about Bank of America silently piloting Ripple technology, which is seen as a promising development for the company and its virtual token.

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XRP’s Trading Price in the Start of October 2019

October started with XRP’s trading price rising approximately $0.05 from just above $0.24 to $0.2870. It shows that the cryptocurrency is performing relatively well.

However, considering the consistent minimal to zero uptrends it encountered, Ripple’s cryptocurrency would not see itself ending the year on a high.

jamie xrp news | XRP & Ripple News
Jamie West
Tags: cryptocurrencycryptocurrency tradingdigital tokenRippleRipple Labstrading pricevirtual currencyvirtual token
Jamie West

Jamie West

Jamie is an XRP veteran & keeps his finger on the pulse when it comes to all things crypto.

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XRP News – Keeping You Up To Date With All Things XRP & Ripple

In the rapidly evolving world of digital finance, XRP stands out as a pioneering force, reshaping the landscape of cryptocurrency and blockchain technology. As a core product of Ripple Labs, XRP is not just a digital currency; it’s a breakthrough in how we perceive and engage with global financial transactions. This article delves into the essence of XRP, exploring its distinctive features and the reasons behind its growing popularity.

Unmatched Transaction Speed

One of the most compelling attributes of XRP is its unparalleled transaction speed. In a world where traditional banking can take days to process cross-border payments, XRP offers a stark contrast with its ability to settle transactions in mere seconds. This efficiency is a game-changer for both individuals and businesses, ensuring that funds are transferred quickly and seamlessly around the globe.

Low Transaction Costs

Another significant advantage of XRP is its incredibly low transaction fees. Compared to other major cryptocurrencies and traditional banking methods, XRP stands out for its cost-effectiveness. This feature makes it an attractive option for micropayments and regular international transfers, offering a more affordable solution for everyday transactions.

Scalability and Sustainability

Scalability is a critical factor in the cryptocurrency world, and XRP excels in this aspect. Designed to handle a large volume of transactions without compromising speed or cost, XRP is well-equipped to meet the demands of a growing digital economy. Additionally, its consensus protocol is less energy-intensive than the traditional proof-of-work used by many cryptocurrencies, making XRP a more environmentally sustainable choice.

Broadening Financial Access

XRP is not just a tool for efficient transactions; it’s a catalyst for financial inclusion. By simplifying and reducing the cost of cross-border payments, XRP has the potential to open up global markets to individuals and businesses who previously found these transactions prohibitively expensive or complex. This democratization of financial services is a cornerstone of XRP’s vision.

The Ripple Effect

Ripple Labs, the company behind XRP, is continually expanding its partnerships with financial institutions worldwide. These collaborations are not only a testament to the reliability and practicality of XRP but also a driver for its adoption in mainstream finance. As more banks and payment providers integrate XRP into their systems, its impact and relevance continue to grow.

A Community of Innovators

The XRP community is a vibrant and dynamic force, comprising developers, entrepreneurs, and enthusiasts. This community is at the forefront of exploring new use cases for XRP, pushing the boundaries of what’s possible in the realms of digital payments and blockchain technology.

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