Low trading volumes continue to crimp Ripple’s progress, driving the Ripple to USD exchange rate up 1.81% to near $0.182620. At the same time, XRP fell 0.75% against Bitcoin.
Only $20.57-million worth of XRP coins changed hands on Sunday, down from Saturday’s almost-as-bad $32.48 million. These simply aren’t the kind of trading volumes that drove Ripple up 2,639% earlier this year.
Traditionally, investors swap anywhere between $150.0-million and $500.0-million worth of Ripple.
However, China’s ban on cryptocurrency exchanges was a real shock to the system. It presumably led to lower investor confidence and, in turn, lower trading volumes.
But—and this is really important to understand—it has not adversely impacted the amount of Ripple being used for transaction purposes. The transaction volume on Ripple’s ledger doubled from last week, according to data from XRP Charts.
On September 17, it showed 153,570 transactions crossed the network. By Saturday, however, that number had skyrocketed to 378,568.
Meanwhile, Bithumb is still the leading center for trading XRP tokens.
It accounted for 30.7% of the entire volume, followed by Poloniex and Bittrex, both Ripple to USD exchanges, at 19.4% and 9.7%, respectively.
There was very little in the way of Ripple news, but that dry spell won’t last forever. Ripple is hosting a conference in October, and it intends on making headlines.
We know this because ex-Chairman of the Federal Reserve Ben Bernanke is serving as a keynote speaker. Also, the conference is scheduled for the same day and time as SWIFT’s conference, meaning that Ripple has an opportunity to outshine its main rival.
Despite this tsunami in the distance, the Ripple to USD exchange rate has stayed relatively flat over the last week.
We believe that SWELL, Ripple’s debut conference, offers an unprecedented chance to “frame the narrative” (as they say in Washington D.C.). This is their coming out party.
They should announce new client partnerships, including some big names. We should hear about Interledger and its ongoing work with Hyperledger. We should hear about the nuances between enterprise and public blockchains, and why enterprise is better.
We need to hear these things so that XRP can fulfill its $2.00 Ripple price prediction. This is a chance to win over the folks on Wall Street. Once they start taking Ripple seriously, we may see XRP accelerate towards $2.00 faster than we believed possible.