It is found that there are five huge transfers of XRP on December 14th, according to the Whale Alert data. The total amount is 327,999,956 XRP (worth $168,671,208), and three of them are transferred to unknown wallets. On December 16th, with the BTC price hitting a $23K all-time high, XRP’s price also reached a new record of $0.78. What to obtain through XRP based on these market fluctuations?
What is XRP?
“XRP is a digital asset built for payments. It is the native digital asset on the XRP Ledger—an open-source, permissionless and decentralized blockchain technology that can settle transactions in 3-5 seconds. XRP can be sent directly without needing a central intermediary, making it a convenient instrument in bridging two different currencies quickly and efficiently”, this is the official explanation from Ripple’s website, a digital payments platform.
Unlike other cryptocurrencies, XRP is born to help people become independent of the traditional financial system. Ripple is used by institutional clients or banks for digital payments. It has become a popular method for cross-border remittances, which is more convenient and fast than other methods. XRP has lower fees and settles transactions in a matter of merely a few seconds. Ripple wasn’t created to replace fiat currency. However, one can speculate on the price movements of XRP to earn profits.
What are the factors that influence its price?
Ripple functions in a different way to other cryptocurrencies, thus there are many unique factors affecting the price of XRP.
1) XRP supply
Unlike bitcoin, XRP coins are not produced by mining. Instead, it is minted by the company Ripple. Out of the total 100,000,000,000 supply of XRP, over 45 billion is currently in circulation. So the company takes control of its price in some way.
2) Bank adoption of ripple
Ripple’s main clients are banks and other major institutions, like Bank of America, Royal Bank of Canada, and UBS. There are more and more companies adopting this technology, which naturally improves XRP’s price.
3) Other mainstream cryptocurrencies
Investors who tend to look for the next potential cryptocurrency find XRP’s large market cap and low cost per coin as a buying opportunity. So when the digital currency market is rallying, ripple may follow. Just like what happened on December 16th. However, if the market turns bearish, XRP could drop fast as well.
How to trade ripple with Bexplus?
Bexplus is a number one crypto derivatives platform providing 100x leverage in BTC, ETH, XRP, LTC, and EOS futures contracts. No KYC, no deposit payment, merchants can obtain essentially the most attentive providers, together with 24/7 buyer help.
1) Create your buying and selling account
Bexplus requires no KYC so that you solely must open an account with an Electronic mail deal with, in simply 1 minute. As soon as registration is accomplished, a buying and selling account and a demo account with 10 BTC are opened mechanically.
2) Begin demo buying and selling with 10 Free BTC
Irrespective of if you’re a beginner or skilled dealer, it’s essential to do simulation trading to get acquainted with the crypto market in addition to the platform. The profitable merchants will apply their expertise and methods rigorously earlier than they begin real-time buying and selling.
3) Deposit BTC to begin your ripple buying and selling
After the simulation buying and selling, it’s time to acquire your actual income. Copy BTC deal with or scan QR code within the deposit web page to complete the transaction. If you want to broaden your fund and earn extra income, please don’t hesitate to take part within the 100% Deposit Bonus exercise, which might get you a corresponding bonus proper after your deposit.
The bonus can be utilized as a margin and might be traded. For instance, in the event you deposit 0.1 BTC, you’ll get a 0.1 BTC bonus, thus there are 0.2 BTC in complete credited in your buying and selling account. Every consumer can stand up to 10 BTC for every deposit.
4) Take good use of Take-profit and Cease-loss
To set a take-profit and stop-loss value, is to forestall the market violation. The preset value is primarily based on how a lot loss you’ll be able to bear and the way a lot revenue you need.
For instance, you open a protracted place when the XRP price is growing and also you consider it should preserve shifting as you anticipated. However the market generally fluctuates strongly, one could encounter the pressured liquidation if the value decreases sharply. Then it’s recommended to set a take revenue value and stop-loss value to guard your revenue and decrease your loss.