Ripple (XRP) has secured a significant win in court, freeing its parent company Ripple Labs to focus on partnerships and business growth. Although the cryptocurrency didn’t experience a significant price surge, it did post a 26% gain, which is modest compared to earlier this week.
As a functional coin for the international payments system RippleNet, XRP’s value can be influenced by various factors. Some cryptocurrencies rely on media hype, while others are built on robust technological platforms with limited supply and rising demand.
Ripple falls into the third category, as it has real-world uses beyond just storing monetary value. The cryptocurrency is designed to provide new tools, products, and services through its functions, such as smart contracts, financial management tools, or ownership records for real-world assets.
The legal victory clears the way for Ripple Labs to continue growing its payment service, which provides fast and affordable international money transfers. With partnerships already established with prominent banks, including Banco Santander, Standard Chartered, Bank of America, and JPMorgan Chase, RippleNet is poised for further success.
While it’s difficult to predict short-term price movements, Ripple’s long-term growth prospects appear strong. The company may even go public in the future, which could have a positive impact on its value. With XRP trading below $0.60, this could be an attractive opportunity for investors.
Source: https://www.fool.com/investing/2024/08/17/should-you-buy-ripple-xrp-while-its-less-than-060/