Ripple News Update
Today’s Ripple news bears a striking resemblance to the news coming out of every corner of the cryptocurrency market—namely, that prices are falling dramatically.
XRP prices fell 17.84% against the U.S. dollar, bringing the Ripple to USD exchange rate to $0.232934. Meanwhile, the Ripple to Bitcoin rate fell 2.84% to 0.00002492 BTC.
Ripple investors were not, however, alone their misery. Bitcoin investors also saw their holdings slashed overnight.
BTC prices fell 16.11% against the U.S. dollar, bringing the currency down to $9,406.06. The same story played out for most, if not all, cryptocurrencies.
Ripple Price Chart:
From the 10,000-foot perspective, this looks like a standard retracement.
Investors bullish on cryptocurrencies for their massive upside potential shouldn’t be scared off by this correction because it’s only natural that volatility runs both ways.
That said, it is disheartening to see XRP prices plummet because Bitcoin investors overstretched their position.
There was ample reason to stake a bullish position on Bitcoin, given that CME Group Inc (NASDAQ: CME) decided to add Bitcoin futures to its derivatives market. But a rally from $6,000 to over $11,000? And in a matter of weeks? It smacks of extravagance.
Ripple was, meanwhile, stacking up real accomplishments.
It inked a deal with American Express Company (NYSE: AXP) and Banco Santander, opened a payments corridor between Standard Chartered Bank and Axis Bank India, and saw the creation of a $100.0-million hedge fund denominated in XRP.
These monumental deals helped propel the currency away from the $0.20 threshold. But now that work is being undone. And why? Because investors exhausted themselves in a Bitcoin bidding war?
As I said above, this is disheartening. However, we have seen this movie before. Cryptocurrencies are apt to dramatic lunges in both directions, but there is usually a net gain once the dust settles.
As such, we maintain our $2.00 Ripple price prediction for 2018.