Ongoing market stability is starting to get on investors’ nerves, who are growing increasingly concerned about entering a renewed “crypto winter”, or a prolonged bearish period for cryptocurrencies, as the market observed between 2018 and 2020.
While such an event seems exaggerated, for now, 2022 certainly hasn’t been kind to cryptocurrencies so far, with the total crypto market being down over 30% since January. In that context, we will review two discounted blue-chip cryptocurrencies, Ripple (XRP).
How impressive is Ripple (XRP)?
In its quest to disrupt the fast-moving digital payment landscape, Ripple locked strategic partnerships with major financial organisations like Bank of America, Canadian Imperial Bank of Commerce, Santander, American Express, and several others.
Essentially, Ripple aims to simplify the process of moving money worldwide for businesses, something which remains surprisingly lengthy and costly, even today. Indeed, traditional transfers pass through a myriad of financial institutions, each taking a cut, making the entire process unnecessarily long and expensive.
Ripple cuts out the middlemen and developed a blockchain-based network that connects individuals and institutions more directly, allowing for near-instant transfers worldwide and in any currency, and all of that for minimal costs.
To this end, Ripple developed a range of industry-leading and interconnected solutions, including RippleNet, the XRP Ledger, RippleX, and the XRP cryptocurrency itself, therefore offering one of the most complete networks currently in existence, challenging even the SWIFT legacy interbank communication system.
However, Ripple has been embroiled in a lawsuit from the US Securities and Exchange Commission (SEC) since late 2020, due to its native currency XRP being accused of being security in disguise.
With the recent selloff, XRP is currently trading at its lowest level since January 2021. For those who believe in Ripple’s intrinsic value and a positive outcome from the current lawsuit, now could be a great time to initiate a position.