Ripple’s been silent
Ripple’s XRP holds the third spot by market capitalization in the crypto verse. It’s arguably the cryptocurrency that gets the most attention in the world (except for Bitcoin, of course). Ripple, as a company, pursues a primary use case for its cryptocurrency, which gives it exposure and interaction with the world’s traditional financial institutions such as banks and remittance services. This is a competitive advantage almost unique to XRP, as only Stellar Lumens’ XLM can claim something similar.
XRP has some very passionate fans, but also quite a bit of haters and skeptics. So there are plenty of observers who think that XRP couldn’t possibly take advantage of the current bullish market conditions to rise in value in the short-term.
Such pessimism is rooted in ignorance. Ripple has been working hard to develop its partnerships, technology, use cases. All that work has paid off, and it translates into brand recognition for XRP. In other words, XRP has been slow as the recent bull run started (we saw Bitcoin rocketing, and then the rest joined).
Let’s not forget, however, that appearances can be deceiving. In fact, chances are that Ripple has been gathering momentum and that it’s about to experience a colossal bull run. In fact, that bull run started a couple of days ago, as we did the research needed to write this article (the current one might only be a beginning).
Ripple in the market today
Over the last seven days, XRP has grown by a spectacular 37.8%, which makes it the best performer in the top ten list. It’s trading at USD 0.4123, so it’s close to testing that 45 cent mark that is deemed by many analysts to be the critical point for the coin. And let’s not forget the coin reached that mark yesterday before going down today. If XRP can break through USD 0.45, and stand there for a while, it can go anywhere.
Every relevant cryptocurrency has been growing for the last seven days (except today). There are only green numbers among the top 32 currencies by market capitalization, and Bitcoin’s performance has been nothing short of spectacular recently. And yet, no digital coin has fared better today than XRP.
This shouldn’t be a surprise for anybody. 2017 was the best year we’ve seen in the cryptosphere by far. We’re talking about the year in which Bitcoin was close to 20k in price. Even as every coin was making progress and gaining value, none was able to outperform XRP in profitability. Then came 2018, which was the year of the nightmare. The market lost about 85% of its overall value. On this terrible year, XRP was, again, the market’s best performer.
So XRP’s price has been slow to react to the current favorable crypto climate but, it’s already responding spectacularly. There’s no reason to believe that XRP couldn’t be the world’s most profitable cryptocurrency for the third year in a row.
The IMF’s endorsement
Even the International Monetary Fund (IMF) recently recommended Ripple’s Distributed Ledger Technology (DLT), a fancy way of saying “blockchain,” and cryptocurrency as a right solution for global transaction issues. This is not advertising but, if it were, it would be the kind that money can’t buy.
In the IMF’s own words:
“…DLT systems such as Ripple can be used to efficiently process foreign payments and can be supported by international banks and payment companies.”
So the conventional financial system, which has never been precisely crazy about cryptocurrencies, is somewhat willing to embrace Ripple. So should we. Keep an on eye on XRP.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.