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Why Doesn’t XRP Price Grow?

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Why Doesn’t XRP Price Grow?

Ripple Labs has been working on improving payment systems even before blockchain technologies became common. Ripple Labs has developed a payment platform with the XRP token at the core that enables the following:

  • fast money transfers all around the world;
  • a total absence of middlemen;
  • the lowers possible fee for cross-border payments ($0.00001 per transaction).

All these options became available due to blockchain technology. The transaction verification is made through validators working on the network. So Ripple cannot be called a decentralized platform because the transactions are tracked and validated. Such a working mechanism makes Ripple the best platform for financial institutions and banks; 200 companies already use this technology. 

Ripple XRP token is listed on all crypto platforms and takes leading positions in crypto rankings. The Ripple price now is $0.37 (late November 2022).

What are Ripple Troubles?

It would seem like having such a groundbreaking technology and around 200 clients worldwide, and Ripple token price should be much higher. The problem is that the project was sued by the SEC a few years ago, and the legal proceedings are still ongoing. The SEC demands that Ripple Labs claim the XRP token security. Basically, security is a financial tool that represents the ownership of the company. For instance, companies sell shares to raise investments. Since the XRP tokens were used to raise finances for the Ripple platform, the SEC sued the company demanding to claim XRP is security. 

The court case has been lasting since 2022, slowing down the development of the Ripple project and, thus, making it impossible for the Ripple price live to grow.

Where Can I Buy XRP?

The XRP token is still one of the most popular crypto assets offered in the market. Large investors hold it with the hope the project will resolve all the issues with the SEC and renew its development. To check out today’s ripple price and the history of the token, visit the WhiteBIT exchange.

Featured Image by Miloslav Hamřík from Pixabay