After a tumultuous week, investors are largely sitting on the sidelines, waiting for something to happen with Ripple prices. One juicy bit of Ripple news would likely spark a massive rally.
Funnily enough, that juicy bit of news may have come and gone without investors noticing.
In the middle of last week, we wrote that Ripple struck a truce with the Hyperledger consortium. Collaboration between the two parties is supposed to bridge a gap between permissioned and public blockchains, which would, in turn, make Ripple the center of the cryptocurrency universe.
It was a massive announcement that got buried under China’s crackdown of cryptocurrencies. If (and when) the market returns to fundamental analysis, we could see this development instigate a surge in XRP prices.
In the meantime, the Ripple to USD exchange rate dropped 1.01% over the last 24 hours. At the same time, it rose 1.13% against Bitcoin.
XRP is currently trading at around $0.183330.
Ripple’s trading volume was completely lackluster too, dropping to $54.05 million. Considering that more than $100.0 million of Ripple usually changes hands in a given day, this drying up of liquidity is somewhat concerning.
The largest sources of trading activity were South Korean exchanges like Bithumb, Korbit, and Coinone. Collectively, they account for roughly 44% of all XRP trading volume.
The cryptocurrency market cap dropped by an even wider margin than Ripple, falling 1.19% to $135.36 billion. Moreover, trading volumes across the market remain weak, less than half of where they were during last Friday’s rally.
We are incredibly bullish on XRP. In fact, our $2.00 Ripple price prediction is one of the more optimistic forecasts you’ll find, simply because we believe that enterprise blockchains are the most likely to succeed. Public blockchains like Bitcoin face a steeper climb to success.