Despite the XRP price going down, this week has been rather positive for Ripple’s Consensus Ledger asset. Ledger has officially implemented XRP support for their hardware wallets. Several new exchanges have opened up XRP trading, including fiat-linked pairs. Despite this wave of good news, the XRP price has dipped a bit. Things can always turn around in the world of finance, though.
XRP Is Still in A Good Place Despite Dip
In the world of cryptocurrency and digital assets, there is one golden rule that always comes true. People often buy on the hype and sell when the news is made official. In the case of XRP, this has been no difference whatsoever. There has been a ton of good news, prompting a lot of holders to sell off their XRP assets. It is possible this is an attempt to drive prices down and stock up on cheaper assets, though.
Perhaps the biggest piece of news is the XRP supply lockup. One hundred billion XRP were created by Ripple when the project launched. A large amount of these coins is owned by the founders. To avoid any confusion, they will lock up 55% of all coins in escrow contracts for 54 months at the minimum. This removes any uncertainty regarding XRP supply and trading behavior. However, to a lot of people, this is another validation of how the XRP market will crumble over time.
That is a very odd train of thought, considering the remaining XRP supply is seemingly in high demand. A total of six different exchanges enabled support for XRP trading. Companies all over the world want to be part of what XRP has to offer, both in terms of trading volume and growth potential. Kraken even added fiat currency support or XRP. Traders can buy this asset with USD, EUR, CAD, and JPY. That in itself is a major validation of what XRP has to offer. Whether this means there will be more demand, remains to be seen, though.
More importantly, Ledger enabled XRP support for their hardware wallets. Anyone who owns a Ledger Nano S or Ledger Blue can now use it to store XRP offline. Given a lack of proper wallets for this digital asset, that news alone is a major step. All of this points toward a healthy future for Ripple’s asset. It may not happen overnight, but XRP is still far from showing its true potential to the world.
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.