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Information about XRP (XRP)
Ripple (XRP) is a cryptocurrency created in 2012 by Ryan Fugger, Jed McCaleb, and Chris Larson. The Ripple project was developed to enable users to use financial institutions, banks, PayPal, and other services at meager costs and lightning-fast processing speed.
Ripple is a distributed peer-to-peer payment system that is open source. Ripple, like Bitcoin, uses blockchain technology to provide secure payment solutions that assist in the settlement of financial transactions between banks at meager costs.
Furthermore, the benefit of Ripple is that transactions are quick and do not require time to authenticate. Simultaneously, the Ripple platform enables users to trade everything from currency to gold to cryptocurrencies.
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Recently, XRP whales sold 220 million XRP for approximately 500 million USD, raising concerns about the altcoin’s ability to recover in the short term. Major holders are exhibiting bearish sentiment, affecting overall market confidence regarding XRP’s price stability.
XRP is currently testing important support at 2.14 USD. A failure to hold this level may indicate further declines. However, if XRP manages to reclaim 2.33 USD as a support level, it could shift the trend positively and aim for a target of 2.60 USD.
XRP’s impressive 370% rise since the U.S. Presidential Elections now raises concerns of a downward trend. The long-term holder NUPL metric indicates market enthusiasm, suggesting this might be an opportune moment for profit-taking.
Despite XRP’s gains, on-chain signals reflect a bearish outlook following its decline below $2.19. Investor sentiment remains mixed, prompting caution among holders who might have reached their return peak.
XRP’s integration into the US Digital Asset Stockpile has sparked discussions. President Trump called XRP a valuable cryptocurrency, prompting questions regarding its true utility and relevance compared to other digital assets.
Despite being designed for interbank settlements, XRP’s usage is minimal outside of specific services like On-Demand Liquidity. Its functions in Web3 are also limited, lacking advanced capabilities seen in networks like Ethereum.
The concentration of XRP with Ripple Labs raises concerns about potential market manipulation and stability. With more than half of the total XRP supply held by the company, its true independence as a cryptocurrency is questioned.
Ripple Labs has filed a trademark for “Ripple Custody,” indicating plans to enter the crypto custody market. This filing includes four specific use cases, hinting at future offerings, including a cryptocurrency wallet.
The demand for crypto custodians has rapidly increased, especially following the 2024 approval of US ETFs. Companies like Coinbase and Citi have intensified competition in this area, prompting Ripple’s entry.
The trademark application suggests Ripple’s strategy could involve supporting a variety of cryptocurrencies, not just its native XRP. This could enhance its service offerings in the growing digital asset space.
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