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Ripple (XRP.X): still cooling off from the recent highs
Ripple (XRP.X) is trading at $0.48, down by 3% from yesterday. Ripple lost about a third of its value since the recent peak on September 13. What is Ripple's price forecast? Are there any chances of price recovery in the near future?
Ripple aims to solve the problem of payment transfer between major financial institutions. The supporters look at it as a replacement for traditional fiat currencies that could overthrow the banking system. But the fact is that Ripple intends to strengthen the existing banking system by providing technology that will enhance its efficacy.
The company's announcement of xRapid's launch is considered to be the main reason behind Ripple's price hike.
xRapid supports transfer among XRP, US Dollars, Mexican Pesos, and Philippine pesos because of Ripple's partnership with 3 international exchanges. These exchanges are Bitrex in the US, Bitso in Mexico and Coins.Ph in the Philippines. Besides this, Ripple is also planning to enter the Chinese market.
Other good news: PNC joined RippleNet and will use it for processing international payments to its customers. PNC is among the top 10 US banks with 8 million customers and branches spread across 19 states. Its interest in Ripple stems from the fact that the cryptocurrency could enable its business clients to receive payments quickly.
The recent developments around Ripple have led to an increase in the number of XRP buyers for the fear of missing out. What is the sentiment towards Ripple now? Here are the major technical indicators:
- MACD for the XRP/USD pair is flat in the bearish zone. MACD (moving average convergence divergence) is a trend-following momentum indicator that shows the relationship between two moving averages of prices. MACD is calculated by subtracting the 26-day EMA (exponential moving average) from the 12-day EMA;
- RSI (relative strength indicator) is hovering around 50, so it's neutral. RSI compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security;
- A new major support level is forming at $0.50;
- A new major resistance level is forming at $0.45.
Ripple: what do the bulls and the bears say?
Ripple's price has been on an upswing lately. With a renewed interest in the cryptocurrency, consumers are starting to think about investing in Ripple again. Here are the questions we frequently get about Ripple as an investment or a trading opportunity:
- Is Ripple currently a buy or a sell?
- Should I sell or hold Ripple today, if I purchased it 3 months ago?
- Is Ripple a good buy/investment opportunity?
First, we'll share with you our reasons to buy Ripple (a.k.a., the bull case for Ripple):
1. Ripple is one of the most powerful cryptocurrencies with a market cap of $17 billion. In 2017, it was the most profitable crypto with an ROI of 36,000%. Ripple started with a goal to solve the cross-border payment problem and use XRP as a buffer for fiat money transfers. Since then, it made significant advances in this field.
2. Ripple has an arguably much better underlying technology than the other cryptocurrencies. Cross-border transfers are costly, but this cost has decreased by 60% because of the use of XRapid and XRP for transfer.
3. Ripple ensures superfast currency transfer speed. Cross-border transfers which took 3-5 days using SWIFT, now take 4 seconds to complete using the Ripple technology. Other cryptocurrencies such as Ethereum take about 3 minutes to complete the same transaction, while Bitcoin needs 10-30 minutes.
4. Ripple is the first crypto to be adopted by mainstream financial institutions such as Cambridge Global Payments, Axis Bank, Star One Credit Union, Yes Bank, eZforex, and SBI Remit. Banks want Ripple because of the financial tools offered by Ripple Labs. Using this technology helps banks save $3.76 per payment transaction.
5. Because of its well-connected founders, Ripple grabbed the attention of major investors. Google is one of those investors that previously had no interest in digital currencies: it saw the opportunity that Ripple could capture by simplifying and securing payments. Similarly, many venture capitalists invested in Ripple: Andreessen Horowitz, FF Angel IV, and Lightspeed Ventures, among others.
Here are the reasons to sell Ripple (a.k.a., the bear case):
1. Vulnerabilities have surfaced because of the openness of the Ripple network. Though its core is highly liquid, Ripple cannot effectively prevent attacks on the nodes of its network, which can cripple users' funds. If such risks occur, implications could be massive.
2. There are 100 billion XRPs created by Ripple Labs. The creators of the network keep a fraction of the tokens to themselves and presell the rest to others who want to buy them. Till now 60% of the coins are under Ripple's ownership, which raises concerns around the balance of demand and supply. Only 30 billion coins are in open circulation.
3. One billion coins are pumped into the market every month which causes selling pressure and increases the circulating supply of XRPs. If there is an oversupply of Ripple coins in the short run, this could be devastating for those holding the coin.
4. Ripple is not distributed, because it is pre-mined. There are very few incentives to operate common nodes. This implies that businesses running Ripple (i.e., banks) will have to provide validator nodes, which is an added cost to them.
5. Financial services institutions have been skeptical about technologies intending to supersede current financial systems. Even though Ripple has a great value proposition on paper, adoption barriers are real, as the incumbents may be mulling their own solutions for cross-border money transfer.
Ripple selloff: no apparent reason?
Ripple (XRP.X) is trading at $0.27, down by 4% from yesterday. What is Ripple's price forecast? What should investors know about the XRP as the cryptocurrency is facing a tough selloff?
XRP news are mostly neutral these days. Enthusiasts have great hopes that the coin could resolve money transferring issues. Outside G20 countries, the average remittance cost for money transfer is about 600 basis points.
RippleLabs strives to maintain the pace of innovation on its platform. Tipping is now possible on the platform after the integration of Coil with XRP TipBot, so now content creators can receive donations from supporters by integrating Coil on their platform.
With Ripple Net, cross-border payment can be done on a real-time basis at inexpensive rates. Another important product is xCurrent. It is a signature Ripple product that could resolve challenges such as attaching an invoice for reconciliation, end-to-end transparency, and real-time settlement.
There are some chances that Western Union might begin using Ripple in its new pilot program.
Here are the major technical indicators:
- MACD is slowly in the bearish zone. MACD (moving average convergence divergence) is a trend-following momentum indicator that shows the relationship between two moving averages of prices. MACD is calculated by subtracting the 26-day EMA (exponential moving average) from the 12-day EMA;
- RSI (relative strength indicator) is hovering around 40, and the coin seems to be oversold. RSI compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security;
- A new major support level is forming at $0.313;
- A new major resistance level is forming at $0.258.
Ripple (XRP): burgeoning optimism?
Ripple (XRP.X) is trading at $0.35, up 6% from yesterday. Ripple's price is forming a strong support base near $0.327 level against the US Dollar. What is Ripple's price forecast? Is it finally rebounding?
First, here are some fundamentals about Ripple. It is different from other crypto companies because it sells services to financial institutions. Ripple enables faster, safer and cheaper cross-border settlements, compared to other platforms. Its two services xRapid and xCurrent have the potential to revolutionize the financial industry.
Today, most of the top altcoins are more efficient or usable than Bitcoin. Ripple is venturing into Bitcoin's space as a base currency at a faster rate than other cryptos. Many leading exchanges such as DCEX and Unocoin in India have expressed their intent to incorporate Ripple as their base currency, and some have moved towards implementing it.
SBI Japan, a reputable financial institution, has decided to use Ripple as a base pair currency. This step is a game changer for the altcoin. SBI Japan may have a remarkable impact on Ripple's future price value by opening up huge investments which amount to billions of dollars of Ripple available for trading.
There was a significant rise in the number of sign-ups and transactions when Ripple partnered with Wirex since the company was able to add XRP as a payment method for its Visa card. About 40 million merchants in more than 200 countries support the Wirex card. After the partnership, a whopping $2 million of XRP were deposited in just 12 hours.
Because it is fast and cost-free when it comes to transactions, XRP has an excellent opportunity to be adopted in real-life scenarios. Last week, when the leading coins in the crypto market dropped 20% in value, XRP was the only altcoin which had a single digit loss against the US Dollar.
Here are the major technical indicators:
- MACD for XRP/USD is placed in the bullish zone. MACD (moving average convergence divergence) is a trend-following momentum indicator that shows the relationship between two moving averages of prices. MACD is calculated by subtracting the 26-day EMA (exponential moving average) from the 12-day EMA;
- RSI (relative strength indicator) for XRP/USD is moving lower towards 30, indicating the cryptocurrency is oversold. RSI compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security;
- A new major support level is forming at $0.327;
- A new major resistance level is forming at $0.395
11 best cryptocurrencies for August 2018
After a significant dip in the second quarter of 2018, cryptocurrencies are becoming popular again among retail investors, appearing in the mainstream media headlines every day. There are a few cryptocurrencies that have grabbed investors' attention. What are the best cryptocurrencies to invest in in August this year?
Before we share with you our top 11 list, here is our little hack: use the cryptocurrency investment idea tool to stay up-to-date on the best investment opportunities in the altcoin space.
Bitcoin is by far the most popular cryptocurrency today, garnering a plenty of investors' attention. We think Bitcoin may be a good opportunity to invest in now because:
- It is the most established cryptocurrency.
- Stock market volatility and political uncertainty are good for Bitcoin. In general, political unrest is not good for the stock market, because its value is tied to established companies that depend on government services. But given the political climate across the world, and decreasing faith in government institutions, Bitcoin is becoming increasingly more popular.
- It's easy to invest in it: investing in Bitcoin is as simple as buying a stock on an online exchange. You can use also a zero-cost brokerage such as Robinhood to do that.
Stellar is also based on the blockchain technology. It connects banks, payments systems, and people with a goal to move money quickly, reliably, and at little or no cost. Here are the main reasons why one should consider investing in the cryptocurrency now:
- Stellar offers low-cost transactions and accounts. 1 USD will cover about 400,000 transactions, and there are various licensed exchanges where Stellar Lumens can be purchased.
- There is a good market opportunity for the cryptocurrency as Stellar is the first distributed ledger protocol which received Sharia compliance certification in the money transfer and asset tokenization space.
- Security is one of the main focus areas for Stellar, and the company solved security-related challenges in a very creative and effective way. Stellar's nominal base fee, paid by transaction initiators, deters malicious attacks that can flood the network. Whenever there is a suspicious account submitting transactions, this base fee increases.
Stellar (XLM.X) is trading at $0.27, down by 0.75% from yesterday.
IOTA has a market capitalization of $2.5 billion USD today. It focuses on the emerging machine-to-machine (m2m) economy of the Internet-of-Things (IoT) and other applications where a scalable decentralized system may be warranted.
Unlike other cryptocurrencies that are based on the blockchain technology, IOTA makes use of its unique infrastructure known as Tangle. We think IOTA is a good investment opportunity now, because of the following reasons:
- It has good scalability, no-fee transactions, and no blocks. It targets the up-and-coming market opportunity called the Internet of Things (IoT), which could reach more than 1 billion transactions by 2020, thus necessitating a secure, cheap and scalable micro-billing mechanism for everyone.
- Its partnerships with the mainstream companies such as BOSCH, Volkswagen, and Porsche seem to be very promising.
- It can be easily bought in a hasslefree manner using many exchanges (e.g., Coinhako). With the growth in the ecosystem every day, buying or selling IOTA will become even easier.
IOTA (IOT.X) is trading at $0.91, down -2.8% from yesterday.
EOS is one of the most used blockchains in the world today. It has a market capitalization of $6.3 billion USD.
EOS is a blockchain project that enables horizontal scaling of decentralized applications, allowing developers to efficiently create high performance distributed applications. It is a good investment opportunity because:
- It is simple to use, and accounts are easily recoverable in case of security breaches. This is very helpful for the mainstream public that doesn't have much experience with private keys and account security issues.
- The EOS network is pretty efficient with handling volume bottlenecks on high transaction days.
- EOS has zero transaction fees. When a smart contract is executed, EOS requires the user to stake tokens which are returned back to him or her after the execution.
EOS (EOS.X) is trading at $7.04, down by 3.68% from yesterday.
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference. It is one of the most promising coins in the crypto world and one of the best long-term investment choices for crypto investors because of the following reasons:
- Since many Initial Coin Offerings (ICOs) intend to release their tokens on the Ethereum network, its price is expected to appreciate over time.
- It has the potential to transform the financial system just like Uber and Airbnb did in their own industries. The Casper and Sharding technologies depict significant milestones in its development.
- A decreasing trust in the traditional financial markets is prompting traditional investors to look into the most established cryptocurrencies such as Ethereum.
Ethereum (ETH.X) is trading at $418.08, down by 1.82% from yesterday.
NEO is the first Chinese cryptocurrency to be globally accepted. Founded in 2014, its mission is to reinvent the way commerce is done.
NEO entered the top 15 coins by market cap and its capitalization is north of $1.7 billion today. We consider it to be a good investment option because of the following reasons:
- NEO is not just a cryptocurrency, but also a project that helps in the creation of digital assets, smart contracts, and other applications on its blockchains.
- In the NEO platform, a straightforward transfer of shares, equity, and assets is possible because users are able to issue and trade assets. In order to prove an asset's ownership, tokens are distributed.
- The platform is powerful enough to process 10,000 transactions per second, so there is virtually no transaction latency. This capability attracts a huge number of partners from all over the world, besides China.
NEO (NEO.X) is trading at $29.19, down by 2.89% from yesterday.
NEM is a blockchain built for enterprise-grade performance. Here are the reasons to invest in NEM now:
- Compared to Bitcoin, NEM has more real-time case uses.
- It is the best option for portfolio expansion. No programming knowledge is needed to use the platform as it is quite user-friendly.
- With cryptographic signatures, NEM is capable of acting as an authentication and notary-type service. It is targeting the retail industry with its blockchain technology. The customers' loyalty points can be converted into money which would reduce the shortcomings such as mistakes in the loyalty points program.
NEM (XEM.X) is trading at $0.16, down by 2.08% from yesterday.
It is one of the popular cryptocurrencies among the crypto traders. XRP offers banks and payment providers a reliable, on-demand option to source liquidity for cross-border payments. XRP consistently handles 1,500 transactions per second and can scale to handle the same throughput as Visa.
We consider Ripple to be a good investment option because of the following reasons:
- It is used in the real world today to enable high-speed and low-cost money transfers worldwide.
- Ripple is going to build more financial market partnerships in the upcoming period, which means its applicability will spread over time.
- xRapid, used for payment providers and other financial institutions that want to minimize liquidity costs, is gradually being adopted in the market. It can complete international settlements in a short span using XRP as a bridge currency.
Ripple (XRP.X) is trading at $0.44, down by 2.71% from yesterday.
It was created by Charlie Lee with the intent to make a lighter version of Bitcoin. Litecoin is a peer-to-peer currency that enables instant, close-to-zero cost payments to anyone. Here are the reasons why it may be a good investment option now:
- A Bitcoin transaction needs 10 minutes to execute, whereas Litecoin takes around 2.5 minutes. The transaction cost for Litecoin is smaller compared to Bitcoin: $0.23 vs. $2.83.
- This digital currency can be bought easily. Because of its popularity, it is traded on Coinbase (the top digital currency wallet and exchange).
- Litecoin was the first crypto asset to be traded on eToro. It's potentially on the upside because of its robust usage, evidenced by the number of active addresses per day.
Litecoin (LTC.X) is trading at $77.47, down by 0.78% from yesterday.
10. Ethereum Classic
Ethereum Classic is the continuation of the original Ethereum blockchain, prior to the July 2016 DAO hack. Here are the reasons why it may be a good investment option now:
- Currently, Ethereum Classic processes 48,000 transactions per day and is soon expected to reach the 100,000 mark, upon being licensed on Coinbase.
- The Ethereum Classic Development Team (ETCDEV) has big plans around IoT, since Ethereum Classic has the most secure blockchain. There is a pretty decent probability that the company will capture a share of the IoT market. ETC's scalability will be enhanced after the inclusion of side chains.
- Its partnership with a South Korean exchange Zeniex will help ETC enter the Asian market per Memorandum of Understanding (MoU) signed between the two companies.
Ethereum Classic (ETC.X) is trading at $15.21, down by 5.26% from yesterday.
11. Binance Coin
Binance is one of the largest and most powerful cryptocurrency exchanges with a market cap of about $1.5 billion USD. Reasons for investing in Binance Coin include:
- Binance processes about 1.5 million orders per second and over $1 Billion per day. The company's native coin BNB has been the best performing coin since July 2017 (its inception time).
- The interface is user-friendly, so investors can enjoy a seamless trading experience.
- The Binance exchange is one of the most secure exchanges in the world, so the chances of a hack or malicious cyber attack are significantly reduced. Also, its stability provides assurance to its users.
Binance Coin (BNB.X) is trading at $13.61, up 1.11% from yesterday.
Over the last 30 days, BNB.X lost 3.43%, which is 24.08 percentage points lower than the 30-day return of Bitcoin (BTC.X).Do you want a daily updated view of cryptocurrency news, price analyses and speculations? Check out Finstead Bites, to get your scoop on cryptocurrencies and make your next bet.
Ripple price prediction: there is a silver lining
Ripple (XRP.X) is trading at $0.46, up 0% from yesterday. Ripple price has been recovering, but the currency is facing strong barriers against Bitcoin. On the XRP/USD hourly chart, there is a small bearish trend line in place, with resistance at $0.44.
What is Ripple's price forecast? What developments should investors be aware of?
The media is somewhat negative about XRP and its activities. One issue for investors is the impact of ‘whales’--and their selloff. As a reminder, 'whales' are investors who control a large number of XRP--and the fact they have been selling Ripple causes a concern to retail investors.
A few days ago, Ripple released somewhat disappointing figures for Q2'18. Ripple holds a vast amount of the total supply of XRP in an escrow account that will not be fully paid out for the next several years. Q2 saw a sharp decline in Ripple-initiated XRP sales compared to Q1: sales were down 56%, dropping from $168 million worth of XRP sold in the first three months of the year to $74 million sold in the second three months.
Another question investors ask is if Ripple (XRP) is declared a security, will it survive? Our prediction is that Ripple will not be treated a security. The company has been working with different regulatory bodies right from the start, emphasizing that Ripple and XRP are not alike. Even if Ripple Co. ceases to exist, XRP will still remain.
New market entrants have adopted XRP despite slow sales last quarter. One of those entrants is a company called Coil, led by Stefan Thomas, which helps with organizing media buys. Many large financial services players have announced they have plans to incorporate Ripple (e.g., Goldman Sachs has started implementing it).
Regarding declining sales, Ripple has a plan: if sales fall again, the company will raise new capital accordingly.
Here are the major technical indicators:
- MACD is moving in the bearish zone. MACD (moving average convergence divergence) is a trend-following momentum indicator that shows the relationship between two moving averages of prices. MACD is calculated by subtracting the 26-day EMA (exponential moving average) from the 12-day EMA;
- RSI (relative strength indicator) is moving higher, above level 50 (indicating the currency is slightly overbought today). RSI compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security;
- A new major support level is forming at $0.44;
- A new major resistance level is forming at $0.47.
Ripple is dipping today -- what does the future hold?
Ripple (XRP.X) is trading at $0.48, down 1% from yesterday. Ripple price saw a good upside movement prior to encountering sellers near $0.52 against the US dollar.
What is the Ripple price forecast, i.e., prediction?
The changes in Ripple's price from uncertainty to $3.40 and then back to $0.49 today is a major concern. Ripple might be ring-fenced by its competitors because of the centralization issue.
If it is decided by the US Securities and Exchange Commission (SEC) that tokens are securities then Ripple would be subjected to laws different from those applicable to other tokens.
Anatoly Castella, CEO of Elpis Investments holds an opinion that Ripple is a fintech platform which combines the characteristics of fiat money and blockchain cryptocurrency because of which it should be considered as a digital fiat and not a cryptocurrency. SEC might create a separate regulatory framework for such digital fiats and support a sustainable ecosystem for digital fiat startups which are in a limbo state now.
Though Ripple bears the potential to become a digital asset owned by institutional investors in the long run, a short-term dip in the market value is likely to be seen if the SEC categorizes it as a security.
Here are the major technical indicators:
- MACD has gained momentum in the bearish zone. MACD (moving average convergence divergence) is a trend-following momentum indicator that shows the relationship between two moving averages of prices. MACD is calculated by subtracting the 26-day EMA (exponential moving average) from the 12-day EMA;
- RSI (relative strength indicator) is struggling below the 50 level. RSI compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security;
- A new major support level is forming at $0.47;
- A new major resistance level is forming at $0.49.
When it comes to most cryptocurrencies, miners create nodes on their network to process transactions. They are compensated for their efforts in form of mining rewards.
But the working of Ripple is different. It does not have miners or mining -- all transactions are powered through a ‘centralised’ blockchain and the parent company, i.e., Ripple Labs, which mines XRP all at once. Also, the company holds a major portion of the currency.
Are hacking issues alone responsible for cryptocurrency price drop today?
The sharp drop in the price of bitcoin and other virtual currencies is attributed to the hacking of the South Korean cryptocurrency exchange Coinrail, which was compromised over the weekend.
The obvious question is, why did the price of Bitcoin and Ethereum remain relatively more stable than the price of other virtual currencies?
It's important to note that EOS, Tronix and Bitcoin Cash are all more susceptible to panic selling than the mainstream coins.
Coinrail is a relatively minor cryptocurrency exchange in South Korea, and the volume traded on Coinrail will not impact the price of altcoins dramatically. However, when a panic attack hits the market, manipulators are going to be most noticeable in those areas where liquidity is lacking.
Low liquidity is an issue for most altcoins because it allows individual traders to manipulate the price of cryptocurrencies. What follows next is a wave of panic selling from individuals who don't believe in the long-term opportunity for those altcoins, and are looking to curtail losses by liquidating their positions.
The current decline in the price of cryptocurrencies is a move perpetrated by market manipulators who can, for all intents and purposes, drive down the price when it's opportunistic for them.
To follow the price and news about cryptocurrencies, please visit Finstead (and type "BTC.X price" or "BTC.X news" to get the latest scoop and information).
Ripple (XRP): short-term bearish?
Ripple (XRP.X) is slightly down today, but there are some positive developments for the cryptocurrency. What are the market developments impacting Ripple's price? What is the XRP price prediction?
Let's look at the macro landscape first.
The partnership with major financial institutions and banks (Santander, MoneyGram, and Western Union) places XRP at the leading position of general cryptocurrency adoption.
Ripple seems to be in the forefront when it comes to product development--and xRapid is becoming increasingly important to the banking sector, as banks are continuing to deal with liquidity issues. The xRapid software for cross-border payments through partner banks has helped the platform achieve international recognition.
About four years ago, Ripple decided to put aside Codius, a platform for smart contracts. The platform did not have a substantial market and lacked standard transactions on the smart contract environment.
Codius is now being resurrected now since the market for smart contracts has grown massively. Also, the smart contract is becoming an appealing add-on for traditional businesses wanting to pursue blockchain.
If Ripple manages to create ansmart contract platform, it will grow exponentially beyond the level seen to date. It's apparent that Ripple is now looking into new product lines and use cases, beyond cross-border money transfer.
Now let's look at the technical analysis. Ripple price failed to move above the $0.69 resistance and declined a couple of points (vs. USD).
Here are some technical parameters to consider:
- The hourly Moving Average Convergence Divergence (MACD) has moved back in the bearish zone. MACD is a trend-following momentum indicator that shows the relationship between two moving averages of prices and is calculated by subtracting the 26-day Exponential Moving Everage (EMA) from the 12-day EMA.
- The RSI (Relative Strength Index) is now well below the 50 level.
- Support level can be found at $0.67.
- Resistance level can be found at $0.69.
Ripple (XRP.X) is trading at $0.67, down -2.12% from yesterday.
Over the last 30 days, XRP.X lost -20.01%, which is:
- 1.81 percentage points higher than the 30-day return of Finstead’s Crypto Index;
- 1.23 percentage points lower than the 30-day return of Bitcoin (BTC.X).