There is simply no denying that there are a lot of ways to make money online these days or supplement your income. You have everything from online gambling to affiliate programs. One practice that many people have started taking advantage of as of late are cryptocurrencies. Cryptocurrencies have been around for a while now, but most people just haven’t realized their true potential. There are a number of reasons for this, but all of that is really beside the point. What you really need to know is that these cryptocurrencies might not be as stable as some would have you to believe. Just take a look at what is going on with Ripple.
Increasing Its Own Wealth
Ripple has been under fire for some time now, but it wasn’t until as of late that the company really hit a big stopping point. It seems that troubles only continue to mount for the company, as a document just recently leaked onto the web. This new document shows that the company behind XRP is using the cryptocurrency to increase its own wealth. Isn’t this the purpose of the currency in the first place? Many would agree, but when you go about it the way the company has gone about it, it really just hurts the overall integrity of the establishment. In August there was a group of investors that filed a complaint against the company. It is rumored that this document can prove that the company used the XRP token to garnish huge profits. What does this mean for the future of the company and investors?
A Drop In Sales And Price
If you do some research into Ripple, you will clearly see that it is the Ripple price prediction that has kept the currency afloat while others have fallen. Bitcoin and other cryptocurrencies are known to fluctuate up and down, whereas Ripple has not. In fact, this is one of the very defining things that has made the token so sought after. Well, this confidence could be completely shattered. If it is proven that the company did exploit the token for its own gain then you could likely see a drop in price as well as the value of the token.
Ripple Holds The Majority Of XRP
Another thing that most people don’t understand is that Ripple is not mined like other currencies. Bitcoin can be mined, which means there is only a limited amount that you can get at a time. This really isn’t the case for XRP because it is actually a currency that is created. It is created by the company known as Ripple. And, the most troubling part of this entire revaluation is that the major shareholder of XRP right now is the company that founded and created it.
What The Future Holds
There is no denying that XRP is currently one of the most popular platforms in the crypto space. However, there is also no denying that if the SEC went as far as to label XRP as security there could be major ramifications. Their ramifications would not only affect investors and Ripple, but it would affect everyone involved with the currency. Right now, all investors can do is continue to wait and see how the SEC’s strategy plays out.
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