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Double-Digit Price Rally Takes XRP to Six Month High

XRP Price Analysis 2019

While most of the crypto markets have experienced a massive price rally, with Bitcoin only lagging slightly behind following its weekend leap, XRP has been one of the highest gainers on the day.

After struggling to find positive price movement throughout the start of the year, following last year’s plummet from an all time high of $3.80, the price of XRP has made a bullish turnaround. Earlier in the year, the coin was added to popular U.S-based exchange Coinbase after being tied to the organization for close to a year. The subsequent price movement was lackluster, leaving investors to question whether XRP was destined for an even lower price valuation.

In February, J.P. Morgan Chase dropped a bombshell announcement concerning the development of the JPMCoin. Despite years of negative comments towards Bitcoin by CEO Jamie Dimon, J.P. Morgan became one of the first major financial institutions to make a foray into cryptocurrency. Pundits immediately began connecting the development as a loss for XRP, considering the coin’s position as a bank-to-bank and remittance currency solution.

However, the price of XRP has managed to rally with the majority of the crypto markets. As of writing, the coin is up 12 percent on the day, trading at $0.45 which marks a relative high in price over the last six months, since November 2018.

A piece published on Forbes, TradeBlock director of digital currency research John Todaro said that Bitcoin’s rally has largely been suppressing the price of altcoins like XRP, at least in the near-term,

“You had bitcoin prices rallying recently while alt-coins had seen only modest gains in comparison. Bitcoin dominance (the measure of bitcoin’s market cap relative to the 5 largest tokens) had reached its highest level since September 2018.”

However, Todaro continued that the price momentum for Bitcoin would eventually trickle down into alts, a market effect that may be in the process of occurring,

“Given the recent momentum in bitcoin, it was really only a matter of time before traders diversified into the largest alt-coins, especially as large cap alt prices remained depressed relative to bitcoin.”

Prior to today’s rally, XRP was lagging behind the broader market, a point that was even addressed in by eToro analyst Mati Greenspan. However, as Forbes contributor Charles Bovaird points out, the lack of price gains throughout the start of the year may have poised XRP for today’s massive price gain.

Todaro cites increased investment interest in XRP as contributing to the price rally, stating a particular surge from retail investors,

“As prices have risen and traditional media outlets highlight the price rise, we have seen retail traders begin to re-enter the market.”

Forbes also reports Charles Hayter, cofounder and CEO of cryptocurrency data platform CryptoCompare claiming that retail investors had targeted XRP as a strong gainer, considering its lag behind other digital currencies following the most recent rally. Todaro also added that the Coinbase addition may be contributing to the price of XRP retrospectively, considering that the application has been trending for several days now, given casual investors a more user-friendly portal to the currency.

The post Double-Digit Price Rally Takes XRP to Six Month High appeared first on Ethereum World News.

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Ripple Price Daily Analysis Sep 18 – Long Term Prediction 2018

Now after weeks of price hurdle and struggling, cryptocurrencies are trying to see above the surface they once left. Ripple has climbed today with 3.39% gain against the US Dollar to $0.1859 while proportionally the negative decline against Bitcoin market is dropping to -3.19%.

The quite market developing now that has taken place is a result of traders realizing that the reaction to the Bitcoin-to-fiat exchange banning was a little more than needed. On top of that the XRP price should not been tanked that way especially.

ripple forecast

Source: Coinmarketcap

However cryptocurrencies are treated as somewhat of a commodity meaning that if there is trouble in any point of view with Bitcoin it will be directly reflected to Ripple, Litecoin and so on.

The main target now is to keep pushing upward with the hopes to clear out $0.195, successfully close above the mentioned mark and start stable trade towards the major psychological $0.2000.

Ripple’s global trading volume counts only five percent in China exchanges. Adding to that is its main target and purpose: disrupting SWIFT’s standard function as a sender throughout international money transfers.

Just the idea behind it made Ripple being popular and being hit by the mainstream factor on masses – its negotiating and dealings for the better.

On the other side, there is Bitcoin which is “considered – a rival” to the traditional currencies we use or fiat money as it wants them to be taken away. So in general the Central Banks or regulations have not found liking in that. So there should be no regulation against Ripple as per the moment.

Starting from that while knowing that one is a blockchain network run from an enterprise as the other is a public one – The price predictions for Ripple and any other blockchain cryptocurrency like Bitcoin should be completely different for the longer term.

In the longer term, it could very possibly happen that Ripple could take over 2018 with its gains, as its tokens are directed which way to go by the company behind it and the support XRP finds is in the negotiation the enterprises gets cleared. This might lead with XRP against the USD to trade at around $2.00 at late 2018.

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