Ripple (XRP) is recovering from US $ 0.75 mark it had reached on March 10th. At the time of this report, i.e. US Eastern time morning of March 12th, XRP has touched US $ 0.82. It’s now 3rd in terms of market cap. Although this is still far lower than its high of US $ 1.078 on Monday March 5th, it appears that Ripple is moving out of the bearish zone.
The below graph tracks the recent fluctuation:
Ripple $XRP Coin – 12th March Overview
The recent fall in the price can be attributed to the following reasons:
- Increased pressure from the regulators in the US and Japanese markets. Japan has ordered two cryptocurrency exchanges – Bitstation and FSHO – to stop their business for a month, and five others have been ordered to improve their internal controls. In the US, the Securities and Exchange Commission has said that cryptocurrency exchanges could fall under their mandate, because the digital tokens are equivalent to securities. If a cryptocurrency exchanges fails to follow the existing rules, then it can be shut down.
- Additionally, the recent incidents of cyber-attacks on cryptocurrency exchanges have increased concerns about the inherent safety of crypto tokens.
- Also, in China, the Internet regulators have blocked the social media accounts of cryptocurrency exchanges, which follows their February action of blocking Internet access to overseas cryptocurrency exchanges and ICO platforms.
It’s to be noted that these factors have impacted not only Ripple, but also the other cryptocurrencies such as Bitcoin and Ethereum.
Add to this the fact that cryptocurrencies market is still much smaller compared to the traditional stock markets. While daily trading volume on cryptocurrencies market is US $ 20 billion, the corresponding figure is US $ 5 trillion for traditional stocks. Small changes impact cryptocurrency trading far more than it would impact a traditional stock market. Effectively, every transaction matters in the cryptocurrency market, because it’s still just a developing market.
However, there are good news for Ripple, allowing it to bounce back:
- Japan Bank Consortium is now looking at Ripple app for mobile payments, a unique decision where many banks will use the same mobile app for digital payments.
- Experts have also suggested that since Amazon seems to be developing their own cryptocurrency exchange, if Ripple partners with Amazon it’s price will go up significantly.
Generally, for a long-term investor in cryptocurrencies, Ripple continues to be a good bet. This is because it’s key use cases are in the digital payments area, which it promises to simplify, and that industry will experience exponential growth. Additionally, Ripple’s blockchain settles transactions far quicker than Bitcoin or Ethereum. Also, Ripple involves no mining, hence it doesn’t attract the bad press that cryptocurrency mining is subject to because of intense environmental strain from mining. Ripple has specifically targeted products for their markets such as banks and digital payments providers, and with every transaction a fraction of a XRP is exhausted, hence by design, the price of XRP will increase.
Twitter Predictions for Ripple $XRP
Here are my favorite tweets regarding Ripple. In this case it’s very motivating to check out the social media influencer thoughts on $XRP, most of them are very bullish and inspiring:
Ripple is the most important invention in the history of the world since internet.
— XRP Junior (@XRP_DAN) March 10, 2018
If your worrying about the price of just #XRP stop the worrying. Take a minute to look at the price graphs patterns for all #Crypto They all rise together & they will fall together but at some point in time #xrpthestandard will break away and become number 1. #xrparmy #Ripple pic.twitter.com/pHYmqW5ZJJ
— Mark Thomas (@MoneyMarkT) March 11, 2018
#xrp is one asset that I’m long term on. Love the tech behind the platform, the brilliant team @Ripple, and their community. Insane partnerships with a meaningful use case. #xrpthestandard #justhodl @JoelKatz @haydentiff @bgarlinghouse pic.twitter.com/hWEy99ud8c
— Ian Evans (@therealIan_E) March 11, 2018
No matter which use case, token volatility is a key hurdle to overcome. My bets are on #XRP as..
– shortest settlement times (ie volatility impact marginal)
– #Ripple‘s warchest ($50bn+) allows to compensate early adopters
– natural buyers emerging given utility value building
— TplusZero (@TplusZero) March 11, 2018
If #XRP has just half the growth in value it did in 2017, it will reach more than $140 per XRP, I ‘ll let that sink in for a sec. Based on the current momentum, developments partnerships I m gonna say 2018 will be more successful for @Ripple than 2017. #XRPthestandard !
— Chris Tipping (@Chris_DMLab) March 10, 2018
— When Moon? (@Cryptomoonish) March 9, 2018
— XRP Shark (@XRPshark) March 9, 2018
If you are trading in Ripple, that’s a good bet, notwithstanding the fall in price over the past week!