Ripple prices continue to froth after a spike in Korean trading sent XRP up by double digits last week. Prices corrected over the next few days, wiping out any positive Ripple news that started the rally in the first place. It is back to square one for our Ripple price prediction.
XRP prices are trading at around $0.197268, down roughly 1.99% in the past 24 hours. In relation to Bitcoin, the price is down (a slightly better, but still pretty bad) approximately 1.55%.
About $149.4 million worth of XRP coins changed hands yesterday, with some of that trading slowing down in the early morning hours (in Coordinated Universal Time—UTC).
That said, Ripple still has favorable long-term fundamentals, not to mention a value proposition that can actually generate underlying value for XRP coins.
While a real value proposition might seem like the baseline expectation for all cryptocurrencies, it sadly is not. Ripple is a rarity among its peers in the sense that it is an enterprise play, eager to disrupt the payments market by working with the banks.
Ripple’s main target is SWIFT, a fintech company that rules over its domain with an iron fist. There are 11,000 banks and financial entities on the SWIFT network, all of them requiring a “SWIFT code” to send international bank transfers.
And since SWIFT operates in over 200 countries, its monopolistic power is deeply entrenched in the infrastructure of global finance. However, Ripple hopes to break that power through blockchain-based solutions that are somewhat controllable.
The showdown with SWIFT will come to a head in October, when the two companies host competing conferences in Toronto, Canada on the same day.
This is Ripple’s first year hosting the conference, but it has recruited high-profile speakers such as ex-Chairman of the Federal Reserve Ben Bernanke and founder of the World Wide Web, Tim Berners-Lee.
While this particular uptick in prices appears to have concluded, the overall Ripple price prediction remains unchanged. Once a new piece of Ripple news—perhaps the conference—is able to act as a catalyst, we may see prices accelerate past the $1.00 mark.