XRP: The New Stable Coin Or A Sleeping Giant?
- By Pierre-Alexandre
July 8th, 2019
Even if the crypto market have considerably recovered since April 2019, XRP investors have been largely disappointed with the dismal performance of the XRP cryptocurrency. It turns out that XRP has been the worst performing digital currency in the top-ten crypto rank during the first half of 2019.
XRP started the year at the price of $0.35 and ended the half-year on June 30 at $0.39, a mere 12.5% returns. However, XRP still continues to maintain its spot as the third-largest cryptocurrency by market cap.
As the community is debating whether the altcoin season would start or not following the last weeks of Bitcoin price increase, we can wonder what’s in it for XRP?
Find in the infographic below 5 factors to help you catch the general idea in less than 1 minute:
Now let’s take a closer look:
1. XRP Price Analysis:
XRP has faced two price support trendlines since December 2018: the first one being at the 0.285 USD level and the second one (starting May 2019) at 0.375 USD.
XRP had bounced from the first one three times before jumping to a new support level in May.
XRP touched the second trendline three times already, so if it happens again we are most likely to break the 0.49-0.51 USD resistance level.
2. XRP Longs-Shorts Ratio:
It is worth saying that the ratio has recently reached the 20.0 points level, which means that for every 1 USD short, there is a 20 USD long.
The last time XRP reached this level (November 2017), there was a bull run from 0.25 USD to 3.00 USD starting shortly after.
3. Omenics' XRP market sentiment analysis
According to Omenics News Sentiment, XRP has started rising to a higher level of market sentiment, the "very positive" range.
After nearly touching the negative zone (4.5) in February, XRP News Sentiment has followed the overall uptrend which continues up to now.
On the other hand, Social Sentiment is currently “neutral” (4.7), meaning that online conversation sentiment is not so much positively reacting with the current trend of positive news.
4. XRP Top Recent News
- As per the blog post last week on July 2, the Ripple incubator and investment arm Xpring has spent $500 million on XRP projects over the course of last one year since its inception in May 2018.
The investments are done across 20 different companies which aim to create several use-cases for the XRP token. Besides, Xpring also provides developers with all the essential tools, services, and libraries for the XRP Ledger.
Besides, the announcement also notes that Xpring is more focused on investing in crypto-based solutions and decentralized finance. It also has focused on developing crypto-based solutions like financial debt and derivatives.
Ethan Beard, the Senior Vice President of Xpring wrote:
“we want to work with developers and entrepreneurs who are building towards a shared vision to reshape the world’s financial systems and enable the Internet of Value”.
- Ripple-backed XRPL Labs recently offered a sneak peek into the company news XRP-powered banking app. Called as Xumm, the app allows users to hold and spend XRP tokens along with other fiats like Euros and dollars without the involvement of any other financial institution.
Wiesta Wind, the head of XRPL Labs stated that they are currently working to obtain a banking license and bridge the gap between traditional banking and digital assets.
Thank you! (@ThisIsTRISS πͺ). I think the enterprises will benefit from the platform & API, allowing them to easily connect with the users (consumers). When licensed, our gateway / bridge may definitely be a great fit for business use cases (if they want to use XRPL payments) π
— Wietse Wind { π‘ππππ³ππ: ππππ } (@WietseWind) July 5, 2019
- Two days back XRP price surged to over $0.40 in a classic case of misplaced FOMO. A word spread on Twitter that a blog post by American Express had mentioned Ripple for international settlements. A popular XRP proponent Michael B, tweeted the same which triggered a temporary FOMO.
AMEX Blog
— Michael B β‘οΈπ§ (@XRPMichaelB) July 6, 2019
"If institutions choose, they can also use $XRP in payment flows to improve liquidity in cross-border payments. Six major payment providers are already piloting. Eleven of the world’s top 100 banks have joined Ripple’s network"https://t.co/rCOwyr9dKz
- However, the price surge was short-lived after someone pointed out that it was a piece of old news from September 2018.
A great blog post. Just a reminder, this is from September 2018.
— Leonidas Hadjiloizou (@LeoHadjiloizou) July 6, 2019
Some Interesting XRP Tweets from the Crypto World
There is still some enthusiasm among global crypto investors for the crypto market surge ahead this year. Below are some of the interesting tweets showing the same.
Last time $BTC broke the parabolic;$XRP went from $0,20 to $3,18$ETH went from $400 to $1424$STRAT hit $25$ICX hit $12+
— Crypto Michaël (@CryptoMichNL) July 7, 2019
Just some perspectives.
Also $LTC went +600% in the past months due to halving.
The right coins will have an explosive run this year.
$XRP List of 24 (and increasing) Banks and Financial Institutions scheduled for Maintenance around 5th to 7th July 2019.
— First Born of Satoshi (@ultramoonmaker) July 7, 2019
Could it be xRapid implementation? Mass deployment was to happen end of Q2 2019, beginning of Q3 2019. #XRPcommunity #xrpthestandard @Ripple
Ripple CTO David Schwartz recently made a big statement that going ahead the USD could be a reserve currency for the Ripple protocol.
"Is it possible for USD to be reserve currency of Ripple Protocol?" - Interviewer
— CryptøManiac101 (NOT GIVING AWAY CRYPTO) (@_Crypto_Maniac_) July 7, 2019
"Absolutely, countries can even introduce 100% backed Gold on Ripple Network" - David Schwartz#xrp #xrpcommunity pic.twitter.com/hPeAz8mykn
Folks can hate on @Ripple but it only took a few seconds for my ripples to reach the exchange after I hit confirm on my ledger vs ~1HR for bitcoin core. Think about how a user feels when you tell them btc core is better n "never goes down" but it only takes an hr to confirm. LOL!
— Tai Zen (@HeyTaiZen) July 8, 2019
Just ripple at their regular central bank meetings pic.twitter.com/KMTypzp4gA
— justine β³ (@jussyc123) July 7, 2019
By Pierre-Alexandre
Pierre-Alexandre is passionate about new technologies and innovation. After several years of experience in software and innovation agencies, he wanted to go all in on the blockchain revolution and co-founded Omenics.
