CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.00% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
On March 19, 2018, BitBay, the most prominent cryptocurrency exchange in Poland, added XRP to its list of tradable assets, which led to a surge in the XRP/EUR price. By the end of April, news about Ripple’s strategic partnerships with companies in Europe and Asia started doing the rounds, which drove Ripple to rise 6.67% against the USD. Some of these companies included UniPay from Georgia and MoneyMatch from Malaysia.
In early May 2018, Santander, the Eurozone’s largest bank by market capitalization, announced that it will use blockchain for institutional voting in its annual meetings. In April, the bank had also announced its intention to launch a blockchain-based, cross-border payment system, with stakes in blockchain specialists, such as Ripple. This led to a rise in the XRP/EUR value, which touched 0.63.
On May 23, 2018, the Head of the Bank of Spain, Maria Linde, issued a statement saying that cryptocurrenices have more risks than benefits, taking XRP down by 7.60% against the euro. For most of the day, the pair traded at an average of 0.52.
The Eurozone has been in the midst of political turmoil for some time now. The euro itself went down to a 5-month low around the third week of May, due to the Italian crisis. Although the countries are not too keen on cryptocurrency, banks are showing an interest in blockchain technology. Ripple is a cryptocurrency that has been adopted by leading financial institutions. Even if regulatory pressures take down its rivals, it has a scope of performing well against the euro, with its strategic partnerships with European banks and companies.
Studies have shown that XRP is one of the cryptos that show safe haven properties, due to its lowest correlation with other cryptocurrencies. In times of falling prices of rival coins, it could be the asset that investors choose to put their funds in. That said; all trading comes with risks and therefore traders should think carefully before making any market moves.