Why is XRP Ledger (XRP) crypto down?

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Why is XRP Ledger (XRP) crypto down?

 Why is XRP Ledger (XRP) crypto down?
Image source: © Inueng | Megapixl.com

Highlights:

  • RP Ledger is an open-source and decentralized permissionless blockchain.
  • It was launched by David Schwartz, Jed McCaleb, and Arthur Britto in 2012 
  • XRP is the native coin of XRP Ledger. Its market capitalization is US$14.9 billion. 

The XRP Ledger (XRP) token plummeted more than 5% on Thursday, in sync with the broader market movement. It was trading at US$0.3088, down 5.59%, at 7:50 am ET.

In mid-June, XRP parent Ripple partnered with British car brand Lotus to help it create automotive NFTs. Lotus intends to debut in the Web3 space with NFTs to attract crypto fans. Although the news initially lifted the token price, it soon lost momentum.

The UK company hopes to tap the growing craze for non-fungible tokens (NFTs) to expand its fan base by creating communities of Lotus customers and NFT collectors.

What is XRP crypto?

XRP Ledger is an open-source decentralized blockchain, also called XRPL. It provides a low-cost, scalable, permissionless, and energy-efficient platform that can process 1,500 transactions per second. The protocol also has token customization capabilities.

XRP Ledger has created around 70 million ledgers since its launch by David Schwartz, Jed McCaleb, and Arthur Britto in 2012 as an alternative to the Bitcoin blockchain. XRP is used in a wide variety of applications, such as DeFi, CBDC, stablecoins, tokenization, etc. 

Data Source: Coinmarketcap.com

XRP token:

XRP is the native coin of XRPL. Its current market capitalization is US$14.9 billion. 

The token’s volume rose roughly 6% to US$1.19 billion in the last 24 hours.

Of the total 99.98 billion tokens, 48.34 billion tokens are currently in circulation. One can trade the token on crypto exchanges, such as Binance, Kraken, KuCoin, Gate.io, Bybit, and OKX.

Bottom line:

On June 28, Ripple published a survey report on recent global cryptocurrency trends. Some 3100 people, including business leaders and blockchain developers, participated in the study. Some 75% of the respondents from financial institutions believed blockchain would have a huge impact on businesses in the next five years, and seven out of 10 expressed interest in using blockchain for payments. Also, 56% of individual respondents said they would purchase from a retailer offering crypto payment options.

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