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XRP Traders Experience Large Gains Amidst SWIFT Ban

Gaurav Roy by Gaurav Roy
March 6, 2022
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The war between Russia and Ukraine wrought detrimental effects on both the Russian and world economies. This war also prompted other NATO countries to establish strict sanctions for Russian President Vladimir Putin. 

One of the most significant impacts of this sanction is the exclusion of Russia from any western financial institutions. One of the sanctions entailed excluding Russia from SWIFT, the main network between global financial institutions. 

Cryptocurrency investors and traders saw this change as an opportunity for digital currency to compete with SWIFT. 

XRP Traders Experience Large Gains Amidst SWIFT Ban
Putin’s sanctions included Russia’s exclusion from SWIFT

Thus, Ripple (XRP) prices rose to $0.78823, a 10.24% increase since February 25, 2022. Since then, traders and investors have remained bullish about Ripple prices as it recovers from its previous support area of $0.75. Investors and traders are now keeping a close eye on the $0.80 and $0.96 levels as future levels of support. 

Other digital currencies also experienced significant gain because the SWIFT decided to exclude Russia. 

For example, Bitcoin experienced an 8% increase last Tuesday, trading at $43,800 from the previous $35,000 before Russia invaded Ukraine. 

XRP Traders Experience Large Gains Amidst SWIFT Ban
Cryptocurrency prices are increasing amidst a war between Russia and Ukraine.

Nevertheless, the public saw the importance of cryptocurrency, especially in its role in the Russia and Ukraine conflict. People supported Ukraine by transferring millions of dollars through cryptocurrencies, raising almost $15 million for the Ukrainian troops. 

Ukrainians rely on cryptocurrency rather than traditional banks to avoid surveillance from opposing forces. Relying on an anonymous system would make it easier for Ukraine to accept donations between neighbouring countries. 

gaurav roy xrp news | XRP & Ripple News
Gaurav Roy
Tags: cryptocurrency news updatedRussian cryptocurrency
Gaurav Roy

Gaurav Roy

Gaurav is an expert when it comes to Cryptocurrency, writing for some of the biggest Cryptocurrency websites out there.

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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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