Trading XRP to USD – Ripple to dollar
The XRP to USD pair combines the most traded fiat currency with one of the most popular cryptocurrencies. It provides a good level of volatility and the volume level ensures the swift execution of trades.
The Ripple to USD chart indicates that this pair tends to move in trend over a longer period. It is also evident from the weekly chart that traders can witness a movement of 20 per cent or even more depending on the current situation. XRP/USD is also attractive for short-term traders as this pair switches between short-term upward and downward trends with regular peaks and bottoms.
What is Ripple?
Ripple is an open-source protocol platform enabling the swift and low-cost transfer of funds. At the same time, XRP is the associated cryptocurrency used to execute the transfer process. Unlike Bitcoin and other cryptocurrencies, the XRP cryptocurrency is not mined.
Some crypto experts anticipate that Ripple may dominate international payments in the future as it is a more efficient alternative to the existing SWIFT network and it has attracted the attention of banks.
A growing number of institutions accept Ripple as a method of international payments. Whenever a transaction is made through the Ripple network, the user is charged a minor amount of XRP.
Here are some interesting facts about XRP:
- - The maximum number of tokens for XRP is set at 100 billion. Around 47 per cent of the XRP tokens are in circulation – Ripple owns the majority or around 60 billion of the created 100 billion tokens.
- - Transactions made in XRP can be settled in only a couple of seconds. It is much faster compared to Bitcoin or Ethereum.
- - XRP can be considered as a bridge currency. It enables financial institutions to execute transactions cutting down the number of intermediaries and decreasing the transaction costs.
- - XRP was created to be used mostly in banks and as a money transfer system and not as a payment currency, unlike Bitcoin which can be used in stores.
Which factors affect Ripple value?
When talking about the value of XRP, traders should consider the general factors that affect the cryptocurrency markets and also XRP specific things.
Speaking about general factors, the value of XRP currency may be affected by the regulatory framework in different countries. It means that traders should monitor potential signals which may indicate a relaxation or tightening of cryptocurrency-related regulation.
Speculative trading might also put pressure on the XRP value, or there may be a sudden increase in demand or supply for manipulation purposes or based on unreliable information. In addition, the supply and demand of XRP on the market can also create fluctuations in the price.
Ripple is trying to attract more customers to use the services. Consequently, when larger financial institutions implement Ripple technology in their operations, this will have a positive impact on the XRP value. So, traders should also monitor announcements in which banks or other institutions share their plans to test or use this technology.
What is USD?
USD is the official currency of the United States of America which has the strongest economy in the world. In addition, the US dollar also represents the unofficial global currency and it is among the most desired reserve currencies. Thanks to its characteristics, the USD is the most popular and actively traded currency enjoying a high level of trading volume and volatility.
Which factors affect US dollar value?
With its characteristics and widespread usage, the US dollar value is driven by numerous factors. For instance, changes in inflation rate and interest rate in the domestic economy will definitely affect the USD exchange rate. The supply and demand for USD and USD-related transactions might also be the cause of fluctuations in the USD value and accordingly, the Ripple to USD exchange rate.
Traders should also monitor US export and import levels as a trade deficit or surplus is of crucial importance. The sentiment of foreign investors is another important aspect which is vital when analysing the Ripple to dollar price.
Every trader who plans to open trades with the XRP/USD or any other currency pair related to the USD must definitely bookmark the Economic Calendar. It publishes in a pre-defined schedule the most important economic data and reports that affect the US dollar.
Also, the political situation in the United States as well as the political relationship of the US with other countries can dramatically impact the value of the US dollar.
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XRP/USD price history
|Mar 22, 2023||0.46647||-0.00304||-0.65%||0.46951||0.47496||0.45159|
|Mar 21, 2023||0.46947||0.09591||25.67%||0.37356||0.49244||0.37305|
|Mar 20, 2023||0.37354||-0.01253||-3.25%||0.38607||0.39150||0.37134|
|Mar 19, 2023||0.38599||0.01211||3.24%||0.37388||0.40008||0.37373|
|Mar 18, 2023||0.37398||-0.00567||-1.49%||0.37965||0.38914||0.36911|
|Mar 17, 2023||0.37979||0.01535||4.21%||0.36444||0.38215||0.36190|
|Mar 16, 2023||0.36441||0.00507||1.41%||0.35934||0.36696||0.35653|
|Mar 15, 2023||0.35934||-0.01315||-3.53%||0.37249||0.37654||0.35639|
|Mar 14, 2023||0.37250||-0.00064||-0.17%||0.37314||0.38746||0.36564|
|Mar 13, 2023||0.37313||0.00030||0.08%||0.37283||0.38061||0.35542|
|Mar 12, 2023||0.37282||0.00716||1.96%||0.36566||0.37313||0.35094|
|Mar 11, 2023||0.36568||-0.00432||-1.17%||0.37000||0.37641||0.35995|
|Mar 10, 2023||0.36999||0.00014||0.04%||0.36985||0.37438||0.35672|
|Mar 9, 2023||0.36986||-0.01813||-4.67%||0.38799||0.39622||0.36314|
|Mar 8, 2023||0.38800||0.00883||2.33%||0.37917||0.40033||0.37139|
|Mar 7, 2023||0.37918||0.01067||2.90%||0.36851||0.38338||0.36601|
|Mar 6, 2023||0.36852||0.00263||0.72%||0.36589||0.37313||0.35850|
|Mar 5, 2023||0.36590||-0.00647||-1.74%||0.37237||0.37647||0.36445|
|Mar 4, 2023||0.37240||-0.00400||-1.06%||0.37640||0.37910||0.36717|
|Mar 3, 2023||0.37637||0.00001||0.00%||0.37636||0.37976||0.35320|