What were the major factors influencing the exchange rate of Ripple in Canada in 2018?

1 answers

• Dec 16, 2021 · 3 years ago
  The exchange rate of Ripple in Canada in 2018 was influenced by various factors. One of the key factors was the overall market sentiment towards cryptocurrencies. As Ripple is a digital currency, it is highly sensitive to the sentiment of the broader cryptocurrency market. Positive news or events related to cryptocurrencies could lead to an increase in the exchange rate of Ripple, while negative news could cause a decline. Additionally, the regulatory environment in Canada had an impact on the exchange rate of Ripple. Any changes in regulations or government policies towards cryptocurrencies could affect the demand and trading volume of Ripple, thereby influencing its exchange rate. Moreover, the level of adoption and usage of Ripple by businesses and individuals in Canada also played a role in determining its exchange rate. As more businesses and individuals embraced Ripple for transactions, the demand for Ripple increased, leading to an appreciation in its exchange rate. Overall, the exchange rate of Ripple in Canada in 2018 was influenced by market sentiment, regulatory factors, and adoption by users.
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