After a prolonged correction, the cryptocurrency market begins to recover its position and is preparing to conquer new heights. However, among the main crypto assets, , which, unlike bitcoin and ethereum, does not show such explosive activity. The situation around the Ripple coin is very twofold and deserves special attention and analysis of the reasons why the token does not grow by leaps and bounds.
First of all, its isolation in the market plays against the stable growth of the price of cryptocurrency. Even though the Japanese stock markets actively support the token, the company’s reputation has been severely damaged due to several lawsuits. Recently, the trial of Ripple and YouTube over the fake distribution of tokens on the air ended. But a much more negative color of the coin is created by the battle with the SEC, which has passed into the stage of legal proceedings.
Investors are afraid of the relative isolation of the asset and its problems with regulators. This affects the economic potential and performance of the coin on crypto exchanges outside of Japan. Also, legal proceedings add to the cryptocurrency volatility, because any negative news from the courtroom will instantly bring down the XRP quotes.
At the same time, the cryptocurrency shows excellent results and stopped falling sharply in price even after the negative news. The reason for this is the increased interest from Japanese investors and, separately, the SBI Group, which is actively expanding the capabilities of the token. For example, the company allowed users to lend XRP and pay for a range of goods. Plus, this company launched an opportunity for its shareholders to receive dividends from the activities of the financial giant in XRP tokens.
Now, the Ripple token is in a very precarious position, Its quotes are far from the historical maximum. The coin has not shown stable growth for more than a week, constantly sliding down to $0.442. Despite this, the situation may change after certain events occur: progress in the legal dispute with the SEC, the company’s official statement to investors about the current situation. The most important thing for XRP now is to maintain its current position, which the coin does well, and to be ready for further growth after positive changes in the company’s image.
The material has been provided by InstaForex Company – www.instaforex.com
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