Ripple News Update
Tuesday morning brought some good news for the cryptocurrency market, but it was a mixed blessing for Ripple.
Let me explain…
The total cryptocurrency market cap rose 6.2% overnight, bringing in fresh investment from fiat currencies. That’s the good news.
However, Ripple prices barely jumped one percent over the same time period. Investors concentrated their interest on Bitcoin, which is why BTC prices advanced more than seven percent.
As I said before, this moment is bittersweet for XRP investors. On one hand, the XRP to USD exchange rate made positive gains and is within reach of $1.00.
Ripple (XRP) Price Chart
On the other hand, Ripple is slipping back toward obscurity. Just look at its trading volumes, which show that investors are swapping less than half a billion’s worth of XRP each day. This is far less than we saw during Ripple’s ascent in December and its descent in January.
In some ways, the disappearance of volume is more disturbing than January’s XRP price crash. (Nothing hurts quite like indifference.) If XRP is back receiving table scraps, our $10.00 Ripple price prediction could take longer than expected to come to fruition.
That said, I’m not ready to give up hope.
Ripple is still forging new partnerships to expand the viability of its “Interledger” protocol. And it continues to lead enterprise blockchains, meaning that fragmentation of the market could result in another surge of XRP prices.
Also, Ripple is less exposed to regulatory risk than its counterparts. Why? Because it exists as interbank and interblockchain technology. In other words, when an Indian expat in the U.S. sends money back home through IDT, they never touch XRP. Only IDT does.
This is crucial to understanding the long-term implications of Ripple. It brings blockchain to consumers without demanding that consumers understand blockchain. Brilliant.
At the end of 2017, investors had started to respect the difference between Bitcoin and Ripple, NEM and DASH, Monero and IOTA. They had, in other words, learned that blockchains come in different varieties, and this led to a newfound appreciation for XRP.
XRP prices soared from $0.25 to $3.84 as a result.
It now seems as if we’ve slipped back to square one, that horrid place in which all blockchains are treated the same irrespective of their qualities. This dynamic is bad for Ripple, but it cannot—must not—last forever. As such, we maintain our Ripple price prediction of $10.00.