Ripple price has surged over the past two days to recover greatly from the steep slump that we witnessed at the start of the week and while there are those who question whether XRP is out of danger, analysts believe Ripple has a lot in store that other cryptocurrencies don’t have.
At its peak, Ripple price surged to near $4 mark – $3.80 to be precise – with a market capitalization of almost $150 billion. Currently Ripple price is hovering at $1.69 mark (global average) meaning that it has a market capitalization of $65 billion. If we look at the scenario just a couple of days back, the market capitalization was down to just $37 billion.
One of the key things that everyone should take into consideration while valuing Ripple is that CoinMarketCap has removed South Korean exchange pricing from its price algorithms. This effectively led to a 30 per cent decline in prices of all cryptocurrencies including Ripple in a matter of hours. This led to panic selling at the time and hence the prices went down further. Further, at the start of the week all cryptocurrencies witnessed steep declines owing to FUD from China and South Korea and Ripple too was attacked with blunt force knocking it down to a low of $0.87 in a matter of few hours.
Ripple has been revealing new developments every few days and its underlying technology is what makes Ripple stand out from the crowd. Its deal with Moneygram International is a massive one under which the latter will use both xRapid (Ripple’s transaction flow software) and XRP to speed up and reduce the cost of its international money transfer service.
This deal is a gigantic validation of Ripple’s core technology and the suggestion that XRP will be favored by big names as the conversion token of choice when said institutions adopt Ripple’s technology.
Panic selling and FUD have been the major culprits behind bringing XRP’s price down and going forward these two inefficiencies should close out. Ripple is gaining the bullish momentum again and with more announcements lined up over the course of next few months, XRP will definitely surpass its previous high of $3.8 and go much beyond that and reach double digits this year itself.
Ripple’s technology will help XRP surge and a $10 price target over the course of next few months doesn’t seem to be a long shot.
Disclaimer: This article is not intended to or shouldn’t be taken as a financial advice. We would want our readers to conduct their own research before jumping in to invest their money in Ripple or any other cryptocurrency.