The price of the Ripple coin has been going up rapidly over the past few weeks, and many people are wondering why that’s happening. Ripple was designed specifically to simplify international bank transfers, so what exactly does that have to do with its price? As it turns out, there are a number of factors that could be driving up the Ripple coin price in Pakistan, and you might be surprised by how important each one is! Here’s what you need to know about why the Ripple coin price has been going up so much lately.
The current economic situation in Pakistan
Pakistan has been experiencing inflation and a devaluation of the Pakistani Rupee for years. This has made it hard for citizens to keep up with their daily expenses, which has led to an increase in demand for cryptocurrencies. In addition, people are looking for new ways to store their money outside of banks because they don’t trust that their money will be safe from fraud or theft.
The Pakistani government’s stance on cryptocurrency
The Pakistani government has taken a position of neutrality when it comes to cryptocurrencies. The Central Bank of Pakistan (CBP) has not issued any warnings about cryptocurrency nor have they been restrictive with their use. In contrast, some countries such as China and Vietnam have banned crypto-transactions altogether. This has led to a high demand for crypto-exchanges that allow transactions from Pakistani bank accounts.
The high demand for cryptocurrency in Pakistan
Pakistan, a country with a population of more than 200 million people, has been experiencing an economic crisis for a while now. The Pakistani Rupee has been devaluing ever since it was made convertible to the US dollar back in 2005. This has led to investors looking for alternative currencies as a way to protect their money from devaluation. This led to bitcoin gaining traction and popularity as it was seen as an alternative currency with potential for long-term growth.
The low supply of cryptocurrency in Pakistan
The supply of cryptocurrency in Pakistan is low, so demand goes up.
The future of the Ripple coin price in Pakistan
The high price of the ripple coin in Pakistan might be attributed to an increase in demand for this currency. They’re starting to use it for remittance and forex trading, which would explain why people are willing to pay a higher amount for it.