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After Bitcoin {BTC}, the FCA brands XRP as a utility token as Ripple CEO rejoices

Bitcoin

XRP is ranked at #3, beneath Bitcoin and Ethereum on coinmarketcap. The price of XRP dropped by 1.06% in the course of the past 24-hours. The trading volume recorded is $893.078 million, while the supply now has 42,890,708,341 XRP coins in play. The total market cap of XRP is $12.68 billion. At present, XRP is priced at $0.295658.

This year, Ripple.net has seen a ton of partnerships [including Standard Chartered, Saudi British Bank, MoneGram]. As more and more of their solutions are being implemented in order to facilitate cross-border transactions, a new development has revitalized the spirit of the XRPArmy.

It seems that regulatory clarity for XRP has been growing alongside BTC and ETH. Just a few months ago, the SEC had made similar announcements involving Ethereum. Now, the Financial Conduct Authority has branded XRP as an exchange or a utility token.

The FCA operates in the U.K., where lawmakers have been skeptical with regards to cryptocurrencies. If we take a look at the XRP/USD candlestick chart, we can see that resistance exists near the $0.31 level. XRP has performed largely poorly in the market, since 2018.

Even though this is one of the most popular cryptocurrencies, XRP is a poor investment. There are better altcoins available in the market, including Litecoin and Bitcoin Cash who have executed great climbs. However, Ripple has gathered the support of major banks and financial institutions around the globe.

XRP enthusiasts keep saying that the centralized structure of Ripple is the only drawback for the network. Well, that is the point as the supply keeps expanding which keeps the coins from progressing in the market. Support for XRP can be found close to the $0.282 mark.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.