Cryptocurrency: Ripple token XRP price to go down further vs Bitcoin

Updated: Dec 23, 2019


RippleLabs much talked about token XRP has been making rounds of discussion among the cryptocurrency trading community. This is mainly attribute to meteoric 1000+% rise to $+3.0 levels from sub-$0 dollars(Cents) level. Another important development with the parent Ripple Protocol which is a Real-Time-Settlement-Protocol and a much faster version of the SWIFT protocol is a threat Ripple posts to currently used settlement protocols by the global banking community to transfer funds between the counter-parties. RippleLabs claims to have 100 banks/customers currently using its real-time (settlement taking fraction of seconds) protocol that includes big organisations like UBS, Santander, Bank of America and Microsoft to name a few. However other big names like Citigroup and J P Morgan remain on skeptical side and have refrained from the crypto-fever.

Interestingly enough, Ripple (XRP) cannot be directly purchased in Dollars, and instead the initial Buy transaction needs to happen via other cryptocurrency mainly the Bitcoin. Here is a brief technical analysis based on the yearly XRP to BTC candlestick chart.

Inspite of a rapid surge in XRP price since the beginning of 2018 and then slide to sub-$2 levels, the encircled identical areas on XRP/BTC chart show that XRP is due for further correction in price vs the Bitcoin and we could see XRP falling further to 0.00008 levels from current 0.00014 levels in next few days / weeks. This in turn means further slide of XRP price (current $1.98 at the time of writing this article) in terms of dollar. XRP price is consolidating at current levels and post further correction we will see the next leap of rise (hopefully) in the price of this cryptocurrency.

Patience will be the game for crypto-traders / crypto-observers, while many early investors have become very rich very quickly by investing in crypto-currencies like Bitcoin, Ethereum, Ripple and so on. (Please be aware that Cryptos are highly volatile and hence investors might be prepared to lose their entire investments while extreme spikes are possible).

For my daily consolidation of fundamentals/news on Ripple / XRP, please follow: https://www.coinfi.com/coins/ripple

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#Blockchain #Cryptocurrencies

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