Long-time readers of this publication might be familiar with our $2.00 Ripple price prediction. We believe that’s where XRP is headed in 2018. However, the price appears to be stuck around $0.20…
The Ripple to USD exchange rate is currently around $0.198886. It dropped 1.71% over the last 24 hours, but that’s hardly a break from tradition. It bounces up or down each day, never landing too far away from $0.20.
Does that mean we should change our forecast?
Probably not. There’s been no devastating Ripple news in the last month, nor in the month before that. In fact, Ripple’s underlying business is incredibly strong.
It formed its 100th partnership recently, opened an office in Singapore, and hosted a conference featuring Ben Bernanke and Tim Berners-Lee. That’s not a bad month, by any standard.
(Bernanke is a former Chairman of the Federal Reserve, and Berners-Lee is the founder of the World Wide Web. Yes, that World Wide Web.)
Daily Ripple Chart
Plus, there was $56.2 million’s worth of payments sent on Ripple yesterday. These payments aren’t to be confused with trading volumes, which are what investors add to every time they trade XRP. These are actual transactions going across Ripple’s ledger.
By contrast, trading volumes registered at $43.9 million. It’s not a phenomenal amount of money, but the opening of a new South Korean exchange could help lift those numbers later in the month.
All in all, Ripple is still making inroads with banks and other financial institutions.
Considering that we based our Ripple price prediction on this underlying strength, it seems foolish to abandon hope now. The altcoin market is simply going through a rough patch.
Do not panic yet. Bitcoin’s market share of cryptocurrencies reached a six-month high this week, meaning that investors are cycling money away from altcoins. Wait for the pendulum to swing the other way, because that means Ripple will finally gather a strong tailwind.