Reasons Why Ripple's XRP Could Have A Bright Future
Kiana Danial | Jun 19, 2018 10:57PM ET
As the crypto market participants get excited about the slow return of the bulls, let’s talk about one of our all-time favorite cryptocurrencies, Ripple and its token XRP.
The cryptocurrency price has mainly been consolidating between the narrow range of $0.9 and $0.47 since March 2018. But there are reasons for us to believe that Ripple could take over and have a gigantic influence in the market sooner or later.
With its recent development and partnership in a market of high volatility, its recent progress would only further improve its value. Ripple’s team of finance, technology, and fintech experts has demonstrated their belief that a focus on partnerships and customer acquisition is a vital route for emerging technology companies to get their feet off the ground. Ripple currently has more than 75 clients who actively use the RippleNet.
Furthermore, Ripple's goal to cure some of the financial sector’s problems could become more clear to market participants as the company grows. That includes high transaction fees and slow transaction speeds.
Looking at XRP/USD daily chart, the pair remains below the flattening and slightly bearish Ichimoku cloud. It’s still hard to predict the exact timing when the price bottoms out and starts a new uptrend.
However, looking at partnerships like the Santander (MC:SAN) deal, a consortium of 60 Asian banks who are looking into the possibility of developing an application based on Ripple’s technology, and several financial institutions worldwide, we can only say that the near future of this digital coin looks very promising. Before then, we might even see a revisit of the all-time-low and support level around $0.19.
Don't forget to complete your risk management due-diligence before developing your investment strategy.
*This article was originally published
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.