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Ripple (XRP) Eyes Reversal While Being Down 82% From All Time High
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Ripple (XRP) Eyes Reversal While Being Down 82% From All Time High

Ripple Chart With Values Ripple (XRP) is down 82% from all time highs, recording one of the worst corrections in the entire crypto market. While Ripple is a company with a lot of potential, the confused status of XRP has been a major factor in investors being eager to dump this coin at the first sign of danger. Many cryptocurrency investors still believe in Ripple (XRP) which is why it still ranks at third place in terms of market cap. However, even most of those investors are not clear about the future of XRP. Despite Ripple (the company) having stated many a time that it will use XRP for liquidity solutions to replace traditional nostro accounts, investors have yet to see significant steps towards adoption of XRP (the token) by any of Ripple’s partners. Ripple has a stellar score card with a lot of influential partners. This is more than enough to make anyone more than bullish on Ripple (the company). However, what is still confusing is to see how XRP (the token) fits into the whole picture. While XRP should be a big source of additional capital to the company, in addition to its possible use as a liquidity provider, it is disappointing to see that Ripple is not doing enough to promote or push for adoption of XRP. In the past, Ripple (the company) focused more on XRP when it most needed the funding from token purchases to grow into its current size. However, today Ripple does not appear to be concerned about the adoption of XRP. Even if it is, that previous enthusiasm seems to have vanished. In addition to that, legislators are considering whether to label XRP as a security or not. To make things worse, smear campaigns to label XRP as a bank coin, a centralized coin and a useless token are in full swing on platforms like Reddit. Ripple Chart With Values Ripple has been on a donation spree for the past few weeks, donating to different projects and causes. It is also launching a fund for new companies on the XRP ledger. However, what disappoints most XRP investors is the fact that the company does not appear to be doing anything at all that could help push the price of XRP. Presently, the whole valuation of XRP and a market cap of $24 Billion is linked completely to the general success and performance of Ripple, the company rather than the token itself. The price of Ripple (XRP) appears to be extremely bullish at the moment on both XRP/USD and XRP/BTC charts. The cryptocurrency had a major correction but it just broke out of a falling wedge on the XRP/BTC chart eyeing further gains while also signaling a reversal. Short term, XRP does appear to be a good investment with potential for quick returns but unless Ripple (the company) takes any significant steps for the adoption and use of XRP (token), much of this hype and speculation will most likely be short-lived.

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Fakhan

I work as the key Trading Analyst for Crypto Daily and provide the team with regular analyses and updates regarding the technical performance of all cryptocurrencies on the market. I am responsible for the production of articles and posts for Crypto Daily’s own technical analysis section and spend my time monitoring and commenting on the varied moves the markets make on a daily basis.

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