Daily Ripple Price Forecast: Will Ripple Retake No. 3 Spot From Bitcoin Cash?
Ripple Price Prediction
As Bitcoin Cash (BCH) ends the week with 62% accumulated gains, Ripple continues to languish between $0.19 and $0.20. It doesn’t take a genius to see that these two trends are related.
After all, only Bitcoin-related cryptocurrencies are surging this week (the top 10 currencies by market cap). Bitcoin is up almost 20%, BitConnect is up nearly 22%…
…and Bitcoin Cash rose so quickly that Ripple is eating its dust. BCH even took its position as the third-biggest cryptocurrency.
Now the question is: Will Ripple stay in the number-four spot?
Probably not, to be frank. BCH doesn’t have enough fundamental strength to keep pace with XRP in the long run, despite whatever momentum it gathered in the short term.
Here are a two reasons that could explain BCH’s current surge:
1. BCH is riding high on Bitcoin’s coattails at the moment. Ever since the CME Group Inc (NYSE:CME) announced a Bitcoin futures contract, BTC prices have been on a tear. Since BCH is virtually pegged to BTC, it rose as well.
2. There is an upcoming BCH fork. Bitcoin Cash is implementing a software upgrade on November 13. The fork will supposedly resolve issues about the currency’s mining network, which might explain the sudden bullishness on BCH.
As for the former explanation, Bitcoin prices recently broke the $7,000 level. It seems likely that BCH is simply piggybacking on this trend, because almost all other relevant altcoins are suffering. Bitcoin Cash is mysteriously upbeat, despite the industry-wide rotation.
In any case, neither of these trends are sustainable.
Sooner or later, CME is likely to extend its cryptocurrency futures market deeper into altcoins, thus including the likes of Ethereum, Ripple, and Litecoin. That would open them to similar upside, thus restoring the natural order of 1) BTC, 2) ETH, and 3) Ripple.
Bitcoin at $7,000 seemed unquestionably beyond reach a few months ago…except to us. We laid out a 12-month price target for Bitcoin of $10,000.00 in July and August. It seems we were right, in the sense that Bitcoin is accelerating faster than was commonly expected.
As such, we feel confident in maintaining our $2.00 Ripple price prediction for 2018, despite how dismal today’s Ripple news may look.