XRP has risen to the top five cryptocurrencies
Two of the top 5 cryptocurrencies rose very strongly in the reporting week. The news situation was recently dominated by the news that the capitalization of cryptocurrencies has exceeded the mark of two trillion dollars for the first time as a Chinese weapon against the USA.
For speculators, the crypto world had a lot to offer in the past few trading days. Because even among the leading crypto currencies, there were sometimes massive price movements. Binance Coin, number three in terms of capitalization, grew by almost 42 % on a weekly basis. The price of XRP even increased by a whopping 125%, which means moving up into the top 5 with fourth place. On the other hand, Tether has slipped from fourth to fifth place.
Distributed Ledger Database
According to cryptocurrency data providers, XRP is a currency that runs on a digital payment source, which in turn is based on a distributed ledger database.
The payment platform is a gross settlement that aims to enable instant money transactions worldwide. While XRP is the cryptocurrency that underlies the XRP ledger, you can actually use any currency to transact. While the idea behind the Ripple payment was first voiced by Ryan Fugger, Ripple didn't start building until others took over the project 9 years ago.
The latest price explosion is seen against the background of news that a US judge exempted Ripple executives from having to provide their financial records to the SEC. Previously, the same judge had also granted Ripple access to SEC. These records are intended to detail why the regulator has not described Bitcoin or Ether as securities. Ripple, who developed the XRP ledger used by financial sectors around the world for communication and billing, hopes the files will help make arguments that XRP should be treated the same way.
The contents of this article are for informational purposes only and are not investment advice.