Ripple News Update
January was a crushingly bad month for cryptocurrencies. Whether you want to judge it against past years, months, weeks—it doesn’t matter. January was simply awful.
But fast-forward a few years. Does it still look as bad?
Bitcoin topped $1,000 in its early years. Then it crashed to almost nothing. Watching it happen was like watching Armageddon in slow motion…except it didn’t last very long. Bitcoin prices recovered—they are trading above $7,500 today.
Ripple (XRP) Price Chart
With this in mind, ask yourself the Big Question:
Is the XRP price crash permanent or temporary?
If you voted for “permanent,” there’s not much else to say. We must agree to disagree because I think XRP is trading at firesale prices. The only way we’re in the same camp is if you think this is a fantastic opportunity.
In support of this position, I put together a list of telltale signs that XRP might recover.
- Trading volumes are still high. Despite the long fall from $3.00 to $0.75, XRP trading volumes are still measured in the billions. This serves as an indication that investors haven’t frozen out Ripple completely. They are just taking some time away.
- XRP liquidity is booming. More than 50 exchanges around the world are trading XRP, including a new Canadian exchange that’s open in February. Better still, Ripple’s big partner in Asia is launching a digital currency exchange that sets XRP as the main bridge to fiat. This could dramatically improve XRP-to-fiat liquidity.
- “xRapid” partners are aplenty. The big complaint about Ripple in 2017 was that no one uses xRapid (the software that settles transactions with XRP). Instead, they all use “xCurrent.” But then Ripple announced three major partnerships in 2018, effectively putting that myth to rest.
Obviously, these clues aren’t conclusive. But I think it’s safe to say that cryptocurrencies aren’t down for the count. XRP may claw back some of its former glory, especially if Ripple continues to snare key financial clients.
We remain cautiously optimistic on XRP prices. And as such, we maintain our $10.00 Ripple price prediction for 2018. I know that sounds crazy to many of you, but 11 months is a long time in the hyperactive trading environment of cryptocurrencies.