Many enthusiasts expect Ripple Labs’ XRP token to explode during the upcoming swell conference with recent developments that have surrounded Bitcoin and blockchain technology’s big stories (The Chinese President’s recent announcement inclusive).
However, the unexpected may occur for reasons unbeknownst to many because of the many things which at first perusal, may not have been understood. On a second look, however, the truth behind the recent price movements that have surrounded the XRP token will be seen in a different light. They are discussed below.
Beyond proof-of-work and maybe proof-of-stake which are the generically understood confirmations protocols and algorithms which form the basis of public ledger protocol, other algorithms exist which can still serve as proof of consensus on a public ledger which can be read by nodes within a fully decentralized network. The most popular of them is the Ripple Protocol Consensus Algorithm which has been giving many within the cryptocurrency community headaches till now.
The RPCA as it is constantly referred to within the XRP communist has created a new paradigm where a new method of knowledge can give birth to assets in terms of decentralized finance (DeFi).
Positive Approach From Ripple
Secondly, the approach that the XRP community has taken towards the advancement of the blockchain and cryptocurrency communities has created a new way and manner of doing things.
Ripple Labs Inc has made everyone within its reach to feel understood and preserved. This why the “we all win together approach” has made even their competitors cooperate with the xRapid system which may most likely be the “Ethereum Killer” that most have been waiting for.
The third reason is the simple fact that XRP is more widely transacted within the financial community than any other token.
The Swell Effect
Fourthly is the annual swell event which many investors in the crypto space use as an opportunity to profit from the rise in XRP around this time.
However, this could reduce over time as the marketplace matures because the crypto space will no longer function based on events but rather on fundamentals and the right moves ethnically based on the market itself.
The swell event which is correlated to intriguing announcements within the XRP ecosystem and also takes place every November holds a lot of water for XRP investors. Prices are known to rise around this time of the year as so much is always expected to happen at the event as well.
From heavyweights such as Moneygram to international banks, XRP is used far widely within financial circles than any other cryptocurrency token globally.
The simple reason is the effective public relations campaign that Ripple Labs has put in place. It then goes to show that success in the 21st century is beyond just math that works…being human as well counts!